A Human Capital Theory of Growth: New Evidence for an Old Idea

In 1960 Theodore Schultz expounded a human capital theory of economic growth that includes three elements: 1) Countries without much human capital cannot manage physical capital effectively, 2) Economic growth can only proceed if physical capital and human capital rise together, and 3) Human capital...

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Autores:
Breton, Theodore R.
Tipo de recurso:
Fecha de publicación:
2014
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
eng
OAI Identifier:
oai:repository.eafit.edu.co:10784/2646
Acceso en línea:
http://hdl.handle.net/10784/2646
Palabra clave:
Human Capital
Schooling
Capital Investment
Economic Growth
Solow Model
Market Economies
Rights
License
Acceso abierto
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spelling Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees2014-06-17T16:08:25Z2014-01-012014-06-17T16:08:25Zhttp://hdl.handle.net/10784/2646E13I21O11O15O41In 1960 Theodore Schultz expounded a human capital theory of economic growth that includes three elements: 1) Countries without much human capital cannot manage physical capital effectively, 2) Economic growth can only proceed if physical capital and human capital rise together, and 3) Human capital is the factor most likely to limit growth. I specify Schultz’s theory mathematically and test it in periods when global financial capital was highly mobile. I find that in 1870, 1910, and 2000, the average schooling attainment of the adult population largely determined the stock of physical capital/capita and GDP/capita in 42 market economies.engUniversidad EAFITEscuela de Economía y FinanzasA Human Capital Theory of Growth: New Evidence for an Old IdeaworkingPaperinfo:eu-repo/semantics/workingPaperDocumento de trabajo de investigacióndrafthttp://purl.org/coar/version/c_b1a7d7d4d402bccehttp://purl.org/coar/resource_type/c_8042Acceso abiertohttp://purl.org/coar/access_right/c_abf2Human CapitalSchoolingCapital InvestmentEconomic GrowthSolow ModelMarket Economiested.breton@gmail.comBreton, Theodore R.LICENSElicense.txtlicense.txttext/plain; charset=utf-81145https://repository.eafit.edu.co/bitstreams/de10f970-523b-482b-a7e4-d6b30fe52942/downloada4a15015cc3b57a4390e89906678ba6eMD52ORIGINAL2014_13_Theodore_Bretonpdf.pdf2014_13_Theodore_Bretonpdf.pdfDocumento de trabajo de investigaciónapplication/pdf1305760https://repository.eafit.edu.co/bitstreams/a809e7c4-59ec-4405-a675-15bb4d093ee1/download236bed9a5dc52dd986e93d8cfcbc3b7aMD5310784/2646oai:repository.eafit.edu.co:10784/26462024-03-05 14:06:32.614open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.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
dc.title.eng.fl_str_mv A Human Capital Theory of Growth: New Evidence for an Old Idea
title A Human Capital Theory of Growth: New Evidence for an Old Idea
spellingShingle A Human Capital Theory of Growth: New Evidence for an Old Idea
Human Capital
Schooling
Capital Investment
Economic Growth
Solow Model
Market Economies
title_short A Human Capital Theory of Growth: New Evidence for an Old Idea
title_full A Human Capital Theory of Growth: New Evidence for an Old Idea
title_fullStr A Human Capital Theory of Growth: New Evidence for an Old Idea
title_full_unstemmed A Human Capital Theory of Growth: New Evidence for an Old Idea
title_sort A Human Capital Theory of Growth: New Evidence for an Old Idea
dc.creator.fl_str_mv Breton, Theodore R.
dc.contributor.eafitauthor.none.fl_str_mv ted.breton@gmail.com
dc.contributor.author.none.fl_str_mv Breton, Theodore R.
dc.subject.keyword.eng.fl_str_mv Human Capital
Schooling
Capital Investment
Economic Growth
Solow Model
Market Economies
topic Human Capital
Schooling
Capital Investment
Economic Growth
Solow Model
Market Economies
description In 1960 Theodore Schultz expounded a human capital theory of economic growth that includes three elements: 1) Countries without much human capital cannot manage physical capital effectively, 2) Economic growth can only proceed if physical capital and human capital rise together, and 3) Human capital is the factor most likely to limit growth. I specify Schultz’s theory mathematically and test it in periods when global financial capital was highly mobile. I find that in 1870, 1910, and 2000, the average schooling attainment of the adult population largely determined the stock of physical capital/capita and GDP/capita in 42 market economies.
publishDate 2014
dc.date.available.none.fl_str_mv 2014-06-17T16:08:25Z
dc.date.issued.none.fl_str_mv 2014-01-01
dc.date.accessioned.none.fl_str_mv 2014-06-17T16:08:25Z
dc.type.eng.fl_str_mv workingPaper
info:eu-repo/semantics/workingPaper
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_b1a7d7d4d402bcce
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_8042
dc.type.local.spa.fl_str_mv Documento de trabajo de investigación
dc.type.hasVersion.eng.fl_str_mv draft
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10784/2646
dc.identifier.jel.none.fl_str_mv E13
I21
O11
O15
O41
url http://hdl.handle.net/10784/2646
identifier_str_mv E13
I21
O11
O15
O41
dc.language.iso.eng.fl_str_mv eng
language eng
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_abf2
dc.rights.local.spa.fl_str_mv Acceso abierto
rights_invalid_str_mv Acceso abierto
http://purl.org/coar/access_right/c_abf2
dc.coverage.spatial.eng.fl_str_mv Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees
dc.publisher.spa.fl_str_mv Universidad EAFIT
dc.publisher.department.spa.fl_str_mv Escuela de Economía y Finanzas
institution Universidad EAFIT
bitstream.url.fl_str_mv https://repository.eafit.edu.co/bitstreams/de10f970-523b-482b-a7e4-d6b30fe52942/download
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repository.name.fl_str_mv Repositorio Institucional Universidad EAFIT
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