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Capital accumulation and growth in Hungary, 1924–2006

Author

Listed:
  • B. Leeuwen

    (University of Debrecen, Faculty of Economics and Business Administration, Kassai u. 26, H-4028 Debrecen, Hungary)

  • P. Földvári

    (University of Debrecen, Faculty of Economics and Business Administration, Kassai u. 26, H-4028 Debrecen, Hungary)

Abstract

The objective of this paper is to analyse the role of both human and physical capital in economic growth in Hungary during the 20th century by extending the already available data on physical and human capital. Besides the standard measure for the volume of human capital, we develop a simple method to estimate the value of the human capital stock in Hungary between 1924 and 2006. While the volume index slowly grows over time, the value of human capital shows a decline during the late socialist period. Applying the value of human capital in a growth accounting analysis, we find that the Solow residual has no long-run effect on economic growth anymore.

Suggested Citation

  • B. Leeuwen & P. Földvári, 2011. "Capital accumulation and growth in Hungary, 1924–2006," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 61(2), pages 143-164, June.
    • Handle: RePEc:aka:aoecon:v:61:y:2011:i:2:p:143-164
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    Citations

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    Cited by:

    1. Péter Földvári & Bas van Leeuwen & Dmitry Didenko, 2015. "Capital formation and economic growth under central planning and transition: A theoretical and empirical analysis, ca. 1920–2008," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 65(1), pages 27-50, March.
    2. Kónya, István & Baksa, Dániel, 2017. "Növekedés és pénzügyi környezet [Growth and the financial environment]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 349-376.
    3. Kónya, István, 2015. "Több gép vagy nagyobb hatékonyság?. Növekedés, tőkeállomány és termelékenység Magyarországon 1995-2013 között [More machines or increased efficiency?. Economic growth, capital and productivity in H," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1117-1139.
    4. Van Leeuwen, Bas & van Leeuwen-Li, Jieli & Foldvari, Peter, 2012. "Education as a driver of income inequality in twentieth-century Africa," MPRA Paper 43574, University Library of Munich, Germany.

    More about this item

    Keywords

    physical capital; human capital; economic growth; Hungary;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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