Abstract: I develop a new measure of human capital stock that
has two advantages over previous measures. First, it allows for
varying costs of education across time, countries, and level of
education. Second, the unit of measurement is dollars, which allows
comparison of human capital stocks with other macro- economic
variables, including national income (GDP) and physical capital
stocks. Using cross-country panel regression analysis, I find that
human capital accumulation accounts for a relatively small (about ten
percent) of per-capita GDP growth. I further find that, unlike
physical capital, the stock of human capital as a share of GDP
increases with GDP.
Keywords: Growth, human capital, panel data
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