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EVALUATING THE IMPACTS OF HUMAN CAPITAL STOCKS AND ACCUMULATION ON ECONOMIC GROWTH: SOME NEW EVIDENCE†
Abstract
Various hypotheses have been put forward in recent years concerning the contribution of human capital to economic growth. This paper argues that school enrolment rates — by far the most commonly used human capital measure in growth regressions attempting to test these hypotheses — conflate human capital stock and accumulation effects and lead to misinterpretations of the role of labour force growth. An alternative educationrelated human capital measure is constructed which is capable of distinguishing between stocks and flows. Applying this measure to samples of developed and less developed countries during the 1960–85 period suggests not only that there are important growth effects associated both with ‘initial’ stocks of, and subsequent growth in, human capital, but also that this new measure out‐performs the simple school enrolment rates used in previous analyses.
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Cites
On the mechanics of economic development
Lucas, R. E. (1988) · Journal of Monetary Economics · doi:10.1016/0304-3932(88)90168-7 · Cited by 24,085
Cited by
Temple, J. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.1.112 · Cited by 2,095
Explaining African Economic Performance
Collier, P., & Gunning, J. W. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.1.64 · Cited by 1,357
Blundell, R., Dearden, L., Meghir, C., & Sianesi, B. (1999) · Fiscal Studies · doi:10.1111/j.1475-5890.1999.tb00001.x · Cited by 851
Human capital and energy consumption: Evidence from OECD countries
Yao, Y., Ivanovski, K., Inekwe, J., & Smyth, R. (2019) · Energy Economics · doi:10.1016/j.eneco.2019.104534 · Cited by 348
Education and Economic Growth: A Meta-Regression Analysis
Benos, N., & Zotou, S. (2014) · World Development · doi:10.1016/j.worlddev.2014.06.034 · Cited by 324
Metadata
- Authors
- Gemmell, N.
- Venue
- Oxford Bulletin of Economics and Statistics
- Publisher
- Wiley
- Published
- 1996-02
- Volume
- 58
- Issue
- 1
- Pages
- 9-28
- ISSN
- 0305-9049 (ISSN-L)
- 1468-0084
- OpenAlex
- W2001492258
- Cited by
- 413
- References
- 1
- FWCI
- 18.12
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: EVALUATING THE IMPACTS OF HUMAN CAPITAL STOCKS AND ACCUMULATION ON ECONOMIC GROWTH: SOME NEW EVIDENCE†. https://app.cochat.ai/papers/10.1111/j.1468-0084.1996.mp58001002.x
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- Gemmell, N. (1996). EVALUATING THE IMPACTS OF HUMAN CAPITAL STOCKS AND ACCUMULATION ON ECONOMIC GROWTH: SOME NEW EVIDENCE†. Oxford Bulletin of Economics and Statistics. https://doi.org/10.1111/j.1468-0084.1996.mp58001002.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
