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The Knowledge Capital of NationsEducation and the Economics of Growth$
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Eric A. Hanushek and Ludger Woessmann

Print publication date: 2015

Print ISBN-13: 9780262029179

Published to MIT Press Scholarship Online: September 2015

DOI: 10.7551/mitpress/9780262029179.001.0001

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A Structure for Understanding Growth

A Structure for Understanding Growth

(p.9) 2 A Structure for Understanding Growth
The Knowledge Capital of Nations

Eric A. Hanushek

Ludger Woessmann

The MIT Press

Economists have developed a variety of conceptual models of the growth process including neoclassical growth, endogenous growth, and technological diffusion models. It is difficult to distinguish among these empirically, but all emphasize an important role for human capital. The empirical analysis in this chapter provides baseline estimates of cross-country growth models that relate long-run growth from 1960-2000 to human capital and other factors. Human capital is measured in the conventional manner using school attainment. The chapter, however, focuses on improved measures of human capital that use information on international assessments of mathematics and science skills. The available testing information, starting with the initial tests in 1965, are aggregated to create a single measure of skills, labelled “knowledge capital,” for all countries participating in the international testing.

Keywords:   Growth models, Neoclassical growth, Endogenous growth, Cognitive skills, Technological diffusion, Knowledge capital, Human capital, Student achievement, PISA, TIMSS

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