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An alternative interpretation of 'average years of education' in growth regressions

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 can also be seen 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.
Year of publication:
2009
Authors: Foldvari, Peter ; Leeuwen, Bas van
Published in:
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 16.2009, 9, p. 945-949
Publisher: Taylor & Francis Journals
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Type of publication: Article
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