Higher or Basic Education? The Composition of Human Capital and Economic Development

No country has achieved sustained economic development without investment in education. But do all types of human capital affect growth identically? And which types of schooling-secondary or tertiary-should public policy promote? This paper develops an analytical framework to address these questions...

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Veröffentlicht in:	IMF staff papers 2004-01, Vol.51 (2), p.309-326
1. Verfasser:	Ramcharan, Rodney
Format:	Artikel
Sprache:	eng
Schlagworte:	Analysis Basic education Capital stocks Development strategies Economic aspects Economic development Economic externalities Economic growth Economic models Economics education Education policy Education, Higher Educational attainment Financial investments Government finance Higher education Human capital Influence Investment policy Investment return rates Returns to education Steady state economies Studies United States
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Beschreibung
Zusammenfassung:	No country has achieved sustained economic development without investment in education. But do all types of human capital affect growth identically? And which types of schooling-secondary or tertiary-should public policy promote? This paper develops an analytical framework to address these questions. It shows how the composition of human capital stock determines a country's development. Hence, promoting the "wrong" type of schooling can have little effect on development. In addition, the paper helps in understanding why empirical studies have failed to find a significant relationship between schooling and growth.
ISSN:	1020-7635 2041-4161 1564-5150 2041-417X
DOI:	10.2307/30035877