search query: @indexterm Economic growth / total: 1784
reference: 117 / 1784
| Author: | Herbertsson, T. T. |
| Title: | Accounting for human capital externalities with an application to the Nordic countries |
| Journal: | European Economic Review
2003 : JUN, VOL. 47:3, p. 553-567 |
| Index terms: | Economic growth Accounting Human capital Scandinavia |
| Language: | eng |
| Abstract: | Externalities caused by human capital accumulation have taken up considerable space in theoretical work on economic growth. However, less attention has been paid to this externality in traditional growth accounting exercises. The paper takes up the issue of growth accounting, suggesting a framework for quantifying human-capital externalities and illustrating it empirically using data from the five Nordic Countries. Four sources of growth are identified, i.e. capital accumulation, labour force growth, and total factor productivity growth, where the traditional TFP measure is split into a part explained by human-capital formation and an unexplained part. The author attributes between 12 per cent and 33 per cent of growth in the Nordic countries to human capital investment. |
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