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A primer on human capital

Author

Listed:
  • Flabbi,Luca
  • Gatti,Roberta V.

Abstract

This note summarizes some of the key contributions in the macro- and micro- economic literature on the pathways linking human capital and income growth. Rather than completeness, the objective of this work is to distill some of the most relevant threads in the evolution of these literatures using a human capital lens, with a view to provide a useful yet parsimonious conceptual framework and an update on empirical results. The note first describes the human capital model (section 1). It then outlines the main theoretical elements of growth theory and presents empirical results from the cross-country regressions and development accounting literature to gauge to what extent human capital affects growth at the aggregate level (sections 2, 3 and 4). The note then reviews the micro empirical literature estimating labor income returns of human capital investments (sections 5 and 6). The conclusion draws comparisons between the two empirical approaches and provides a brief critical assessment on how to interpret the empirical results. Investing in human capital is a promising strategy to attain stable and positive growth. The magnitude of the effects is country-specific and varies depending on the population of interest, the policy under consideration, and the human capital component considered.

Suggested Citation

  • Flabbi,Luca & Gatti,Roberta V., 2018. "A primer on human capital," Policy Research Working Paper Series 8309, The World Bank.
  • Handle: RePEc:wbk:wbrwps:8309
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    Citations

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    Cited by:

    1. Rossi,Federico, 2018. "Human Capital and Macro-Economic Development : A Review of the Evidence," Policy Research Working Paper Series 8650, The World Bank.
    2. Campbell, Susanna G. & Üngör, Murat, 2020. "Revisiting human capital and aggregate income differences," Economic Modelling, Elsevier, vol. 91(C), pages 43-64.
    3. Remi Jedwab & Paul Romer & Asif M. Islam & Roberto Samaniego, 2023. "Human Capital Accumulation at Work: Estimates for the World and Implications for Development," American Economic Journal: Macroeconomics, American Economic Association, vol. 15(3), pages 191-223, July.
    4. Khemani,Stuti & Chaudhary,Sarang & Scot,Thiago, 2020. "Strengthening Public Health Systems : Policy Ideas from a Governance Perspective," Policy Research Working Paper Series 9220, The World Bank.
    5. Maria-Chiara Morandini & Anna Thum-Thysen & Anneleen Vandeplas, 2020. "Facing the Digital Transformation: Are Digital Skills Enough?," European Economy - Economic Briefs 054, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    6. Staffieri, Irene & Sitko, Nicholas J. & Maluccio, John A., 2023. "Sustaining enrolment when rains fail: School feeding, rainfall shocks and schooling in Malawi," Food Policy, Elsevier, vol. 121(C).
    7. Cheng, Yiyang & Ru, Shaofeng & Kader, Gavin, 2023. "Optimal capital investment structure and sustainable development: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PB).

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