ERIC Number: EJ1207361
Record Type: Journal
Publication Date: 2019
Pages: 16
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0031-3831
EISSN: N/A
Higher Educational Attainment for Growth: The MRW Model for Iceland
Scandinavian Journal of Educational Research, v63 n3 p301-316 2019
This study evaluates Mankiw, Romer and Weil's augmented neoclassical growth model with human capital for Iceland. Moreover, we differentiate between the impact of upper-secondary and tertiary education. Both unrestricted and restricted regressions show that human capital stimulates real GDP per capita changes. The value of the elasticity of output with respect to human capital proxies calculated by OLS as well as DOLS ranges between 0.22 and 0.47, which is fully compatible with that calculated by the relevant studies on advanced economies applying the same methodology. The regression output is robust to modifications of the baseline model and the method of estimation.
Descriptors: Higher Education, Educational Attainment, Human Capital, Foreign Countries, Secondary Education, Economic Development, Models, Correlation
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Publication Type: Journal Articles; Reports - Research
Education Level: Higher Education; Postsecondary Education; Secondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: Iceland
Grant or Contract Numbers: N/A