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An alternative interpretation of 'average years of education' in growth regressions
2009
Applied Economics Letters
Preserved Fulltext
The majority of the empirical literature uses average years of education as a proxy of the human capital stock. Based on Lucas (1988) we argue that the level of average years of education should be used as a proxy for the growth rate of the per capita human capital stock. This has fundamental impact on the interpretation of the coefficient and may explain some of the contradictory empirical results.
doi:10.1080/13504850701222178
fatcat:5zogwo5t35gi3f5dj24vrlgwdm