Human Capital and Economic Growth in Asia 1890–2000: A Time‐series Analysis

when 2008
who Bas van Leeuwen

Péter Földvári

what journal Asian Economic Journal 
what paper Human Capital and Economic Growth in Asia 1890–2000: A Time-series Analysis
language 英文

involved project member(s)

Bas van Leeuwen Peter Foldvari
   

abstract

There is a general consensus that human capital is a major factor behind long-run economic growth. Yet, on a macro level, the empirical results do not always seem to concur with this view. To explain this gap between theory and empirics, more focus has been laid on measurement error and data quality. Using an alternative estimate of the stock of human capital, based on Judson (2002), we find evidence that the two major views on the role of human capital in economic development by Lucas (1988) and Romer (1990) coexist and are by no means mutually exclusive. Using a Johansen cointegration test, we find that in India and Indonesia the level of human capital is cointegrated with the level of aggregate income during the whole 20th century, which confirms the theory of Lucas (1988). In Japan, however, the Lucasian approach can be verified only for the first half of the century, while after 1950 there is cointegration between the growth rate of aggregate income and the level of human capital, which is in line with Romer’s view.

keywords

human capital; education; economic growth; time-series analysis; cointegration

link to paper page of the journal website

http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8381.2008.00276.x/full

citation format

MLA Van Leeuwen, Bas, and Peter Foldvari. “Human Capital and Economic Growth in Asia 1890–2000: A Time‐series Analysis.” Asian Economic Journal 22.3 (2008): 225-240.
APA Van Leeuwen, B., & Foldvari, P. (2008). Human Capital and Economic Growth in Asia 1890–2000: A Time‐series Analysis. Asian Economic Journal, 22(3), 225-240.
Chicago Van Leeuwen, Bas, and Peter Foldvari. “Human Capital and Economic Growth in Asia 1890–2000: A Time‐series Analysis.” Asian Economic Journal 22, no. 3 (2008): 225-240.
Harvard Van Leeuwen, B. and Foldvari, P., 2008. Human Capital and Economic Growth in Asia 1890–2000: A Time‐series Analysis. Asian Economic Journal, 22(3), pp.225-240.
Vancouver Van Leeuwen B, Foldvari P. Human Capital and Economic Growth in Asia 1890–2000: A Time‐series Analysis. Asian Economic Journal. 2008 Sep 1;22(3):225-40.