期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2007
卷号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：The famous Mincer equation regressing log earnings on years of schooling is derived
from a linear human capital accumulation equation at the individual level. Even if the
cross-sectional Mincer equation holds at the level of individuals, it does not hold at
the macro level of countries because aggregation of human capital has to take into
account its vintage structure: human capital is embodied in people of different
generations whose lifespan is finite. Finiteness of people's lives imposes also a limit
on the potential of human capital accumulation to drive aggregate economic growth.
Aggregate human capital accumulation may however become an engine of growth
thanks to human capital externalities (knowledge spillovers). We use these findings to
revisit the assumptions of the well-known Uzawa--Lucas growth model from an
aggregation perspective.
关键词：human capital accumulation, Mincer equation, aggregation, vintage
structure, balanced growth
