刊行物

内容紹介

This paper addresses the micro-macro puzzle that has arisen in the literature with regard to the role of human capital in economic growth. It analyzes productivity indices obtained from two production models, one that includes human capital as a direct input and another that does not. The differences in coefficients obtained from cross-section regressions of these productivity indices show that human capital affects output both as a direct input and indirectly through its positive influence on aggregate productivity. The novelty of the method is that it does not require the use of the noise-prone time dimension of the available human capital data.