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The Acquisition Of Human Capital And Economic Growth: An International Survey

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  • Christopher E.S. WARBURTON

Abstract

This paper analyzes the evolution and challenges of acquiring human capital in the US. It revisits the omitted variable bias in formal and informal pedagogical evaluations and underscores the importance of public investment in human capital. The paper subsequently evaluates the importance of human capital by alluding to exogenous and endogenous growth models. Using time series data from 1990 to 2017 to evaluate the contributions of human capital to macroeconomic growth, empirical findings suggest that exogenous growth theory, more than endogenous growth theory, can still be applied to some countries of the world, where the residual-to-investment ratio is exceedingly high.

Suggested Citation

  • Christopher E.S. WARBURTON, 2020. "The Acquisition Of Human Capital And Economic Growth: An International Survey," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 20(2), pages 5-18.
    • Handle: RePEc:eaa:aeinde:v:20:y:2020:i:2_1
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    File URL: http://www.usc.es/~economet/reviews/aeid2021.pdf
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    References listed on IDEAS

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    1. Warburton, C.E.S., 2020. "Pedagogical Ethics And Economic Growth," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 20(2), pages 19-34.
    2. Costa, Dora L. & Lamoreaux, Naomi R. (ed.), 2011. "Understanding Long-Run Economic Growth," National Bureau of Economic Research Books, University of Chicago Press, number 9780226116341.
    3. Jacob Mincer, 1958. "Investment in Human Capital and Personal Income Distribution," Journal of Political Economy, University of Chicago Press, vol. 66(4), pages 281-281.
    4. William B. Walstad, 2001. "Improving Assessment in University Economics," The Journal of Economic Education, Taylor & Francis Journals, vol. 32(3), pages 281-294, January.
    5. Gylfason, Thorvaldur, 1999. "Principles of Economic Growth," OUP Catalogue, Oxford University Press, number 9780198776147.
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    Cited by:

    1. Warburton, C.E.S., 2020. "Pedagogical Ethics And Economic Growth," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 20(2), pages 19-34.

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    More about this item

    Keywords

    Endogenous growth; Human capital; Total factor productivity;
    All these keywords.

    JEL classification:

    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development
    • I26 - Health, Education, and Welfare - - Education - - - Returns to Education
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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