An alternative interpretation of 'average years of education' in growth regressions

The majority of the empirical literature uses average years of education as a proxy of the human capital stock. Based on Lucas ( 1988 ) we argue that the level of average years of education can also be seen as a proxy for the growth rate of the per capita human capital stock. This has fundamental im...

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Bibliographic Details
Published in:Applied economics letters 2009-01, Vol.16 (9), p.945-949
Main Authors: Földvári, Péter, van Leeuwen, Bas
Format: Article
Language:English
Subjects:
Academic achievement
Capital stock
Economic analysis
Education
Human capital
Measurement
Per capita
Regression analysis
School attendance
Studies
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Summary:The majority of the empirical literature uses average years of education as a proxy of the human capital stock. Based on Lucas ( 1988 ) we argue that the level of average years of education can also be seen as a proxy for the growth rate of the per capita human capital stock. This has fundamental impact on the interpretation of the coefficient and may explain some of the contradictory empirical results.
ISSN:1350-4851
1466-4291
DOI:10.1080/13504850701222178