The Role of Human Capital in Economic Growth: The Case of Spain

January 1, 2000

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Format: Chicago

Paolo Mauro, and Enric Fernandez. The Role of Human Capital in Economic Growth: The Case of Spain, (USA: International Monetary Fund, 2000) accessed November 8, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This study constructs an index of human capital for the Spanish labor force over the past two decades and projects it over the next decade on the basis of likely demographic developments. The methodology considers both educational attainment resulting from formal schooling and improvements in workers’ productivity resulting from experience, or “learning by doing.” Furthermore, it allows for the fact that people with higher education accumulate human capital through learning by doing at a faster pace than less educated workers or, in other words, that the full returns to formal schooling are realized with a lag of many years. Using this index, a growth accounting exercise is conducted to estimate the impact of human capital accumulation on economic growth over the past two decades. Finally, potential output growth is projected over the next few years, taking into account the impact of human capital accumulation.

Subject: Aging, Education, Human capital, Labor, Labor force, Labor force participation, Population and demographics

Keywords: Accumulation to economic growth, Aging, Capital accumulation, Contribution to economic growth, Economic growth, Human capital, Labor force, Labor force participation, Learning by doing, Physical capital, Production function, Sc, Spain, WP

Publication Details

Pages:

27
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2000/008
Stock No:

WPIEA0082000
ISBN:

9781451842500
ISSN:

1018-5941

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