This study identifies how community attributes affect household residential location decisions in Medellin, Colombia. The empirical model applies the revealed preference principle: each household is assumed to have made an optimal location decision given a set of alternatives. Using household...

This article presents revised estimates of the external rates of return on investment in schooling provided in “Schooling and National Income: How Large Are the Externalities?” The analysis is based on data for the same set of countries, but it incorporates methodological improvements that...

Resumen: The theme of this essay is one of the most important addressed by economists, at least since Adam Smith, and one that will always attract attention. And in our case, that of economists who have witnessed a country and a time whose rates of increase in GDP per capita have gone in about...

In 1960 Theodore Schultz expounded a human capital theory of economic growth that includes three elements: 1) Countries without much human capital cannot manage physical capital effectively, 2) Economic growth can only proceed if physical capital and human capital rise together, and 3) Human...

This paper challenges Hanushek and Woessmann’s [2008] contention that the quality and not the quantity of schooling determines a nation’s rate of economic growth. I first show that their statistical analysis is flawed. I then show that when a nation’s average test scores and average...

Development accounting depends on two simplifying assumptions, that economies can be represented by a common aggregate production function and that aggregate factors of production are paid their social marginal products. An aggregate production function can explain income across countries, but...

Este artículo busca medir el crecimiento de la productividad multifactorial o productividad de factor total (PFT) en Corea sin tener en cuenta las diferencias en la calidad en el factor trabajo. Por lo tanto, asumiendo que la teoría del crecimiento endógeno de Lucas es correcta, la medida de...

Students´ test scores at ages 9 to 15 are a measure of their skills as workers five to 55 years later. Using historic data on test scores and school attendance, I calculate the share of workers in 2005 that could have scored above 400 and above 600 in 45 countries. I find that the share above...

Countries with diversi ed export baskets take advantage of various bene ts, which are said to foster and stabilize economic growth directly and through indirect channels (e.g. reduced income volatility, positive externalities, spillover e ects). This is especially important in the context of...

This paper presents evidence that students´ test scores at ages 9 to 15 are not a good proxy for a nation´s stock of human capital. Across countries test scores rise with increases in human capital up to $40,000/adult (2000$), but then decline as human capital increases up to $125,000/adult....