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Original Articles

An extension to the neoclassical growth model to estimate growth effects

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Pages 1837-1841 | Published online: 19 Feb 2008
 

Abstract

The neoclassical growth model was extended by Mankiw et al. (Citation1992) to estimate the level-effects of human capital. We suggest a further extension to capture their permanent growth-effects. Time-series data from Fiji are used to show that the growth-effects of human capital, although small, are significant and specifications with growth-effects perform better.

Notes

1 For simplicity, we suppress error terms in the equations and assume that they are N ∼ (0, σ2).

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