The paper examines the role of education in economic growth from both a theoretical and historic perspective, addresses why education has been the limiting factor determining growth historically, provides estimates of the quantitative importance of the direct and indirect effects of education on...

This paper tests the hypothesis that in a market economy investment in physical capital follows investment in schooling. It presents empirical evidence that in periods since the 19th century when global financial capital was widely available, increases in each nation's physical capital stock and...

This paper uses a new data set for cumulative national investment in formal schooling and a new instrument for schooling to estimate the national return on investment in 61 countries. These estimates are combined with data on the private rate of return on investment in schooling to estimate the...

We estimate the direct and external effects of levels of schooling on personal income in Ecuador in 2011, using data for 69,653 individuals in 567 municipalities. Using a Mincerian model that includes municipal levels of schooling and the size of the municipality and controls for endogeneity, we...