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  3. American Economic Review
  4. May 2015
  5. Human Capital and Growth

Human Capital and Growth

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Abstract

This paper describes a growth model with the property that human capital accumulation can account for all observed growth. The model is shown to be consistent with evidence on individual productivities as measured by census earnings data. The central hypothesis is that we learn more when we interact with more productive people.

Citation

Lucas, Robert E Jr. 2015. "Human Capital and Growth." American Economic Review, 105 (5): 85-88. DOI: 10.1257/aer.p20151065

Additional Materials

JEL Classification

  • E23 Macroeconomics: Production
  • E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
  • J24 Human Capital; Skills; Occupational Choice; Labor Productivity
  • J31 Wage Level and Structure; Wage Differentials
  • O41 One, Two, and Multisector Growth Models