|Koman, Reinhard; Marin, Dalia (1999): Human capital and macroeconomic growth: Austria and Germany 1960 - 1997. An update. Reihe Ökonomie / Economics Series, Institut für Höhere Studien (IHS), 69|
In an influential paper Mankiw, Romer, and Weil (1992) argue that the evidence on the international disparity in per-capita income levels and growth rates is consistent with a standard Solow model, once it has been augmented to include human capital as an accumulable factor. In a study on Austria and Germany we augment the Solow model to allow for the accumulation of human capital. Based on a perpetual inventory procedure we construct measures of human capital stocks. We find that the time series evidence on Austria and Germany is not consistent with a human-capital-augmented Solow model. Factor accumulation appears to be less (and not more) able to account for the cross-country growth performance of Austria and Germany when human capital accumulation is included. Our results indicate that differences in technology are a driving factor in understanding cross-country growth between these two neighboring countries with similar political and institutional background.
|Item Type:||Paper (Discussion Paper)|
Economics > Chairs > Chair of International Economics
|Subjects:||300 Social sciences > 330 Economics|
|Deposited On:||15. Apr 2014 08:51|
|Last Modified:||29. Apr 2016 09:16|