Foldvari, Peter; Leeuwen, Bas van - In: Applied Economics Letters 16 (2009) 9, pp. 945-949
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...
