Discussion paper

DP3025 Growth and Human Capital: Good Data, Good Results

This Paper presents a new set of data on human capital. It is constructed so as to stay as close as possible to the censuses compiled by national, OECD or UNESCO sources. We then use these data to test a model that embeds the Mincerian approach to human capital into the Mankiw, Romer and Weil version of the neo-classical model. We find that the model performs extremely well. Physical and human capital appears to carry social returns that are essentially identical to the private ones.


Cohen, D and M Soto (2001), ‘DP3025 Growth and Human Capital: Good Data, Good Results‘, CEPR Discussion Paper No. 3025. CEPR Press, Paris & London. https://cepr.org/publications/dp3025