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Title:Specifying Human Capital: A Review, Some Extensions, and Development Effects PDF Logo
Authors:Wößmann, Ludger
Issue Date:2000
Series/Report no.:Kieler Arbeitspapiere 1007
Abstract:A review of the measures of the stock of human capital used in empirical growth research reveals that human capital is mostly poorly proxied. The simple use of the most common proxy, average years of schooling of the working-age population, misspecifies the relationship between education and the stock of human capital. Based on human capital theory, the specification of human capital should be extended to allow for decreasing returns to education and for differences in the quality of a year of education. Cross-country differences in qualityadjusted human capital can account for about half the world-wide dispersion of levels of economic development and for virtually all the development differences across OECD countries.
Subjects:human capital measurement
years of schooling
Mincer specification
educational quality
development accounting
Document Type:Working Paper
Appears in Collections:Kieler Arbeitspapiere, IfW
Publikationen von Forscherinnen und Forschern des IfW

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