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| Author: | Trostel, P.A. |
| Title: | Returns to scale in producing human capital from schooling |
| Journal: | Oxford Economic Papers
2004 : JUL, VOL. 56:3, p. 461-484 |
| Index terms: | Human capital Pay Education Models |
| Language: | eng |
| Abstract: | This study examines a crucial assumption in much of the recent work on endogenous growth, that is, constant returns to scale (hereafter as: r-to-s.) in producing human capital (here as: h-cap.). By using a constructed simple model it is shown that the r-to-s. in h-cap. production can be inferred from the relationship btw. the wage rate and years of schooling. An international dataset is used to estimate this relationship. The empirical evidence indicates that h-cap. production displays significant increasing returns at low levels of educational attainment (here as: educ-att.), and significant decreasing returns at high levels of educ-att. |
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