Teulings, Coen; Rens, Thijs van - In: The Review of Economics and Statistics 90 (2008) 1, pp. 89-104
Estimates of the effect of education on GDP (the social return) have been hard to reconcile with micro evidence on the private return to schooling. We present a simple explanation combining two ideas: imperfect substitution and endogenous skill-biased technological progress and use cross-country...