Human development: evidence in the expanded MRW model
DOI:
https://doi.org/10.5902/1414650969104Keywords:
Skill capital, Biophysical capital, Social capitalAbstract
This article aims to expand the MRW model, transforming human capital into three other variables that would better represent human development: skill capital, biophysical capital and social capital. Empirical results show that physical capital increases per capita income, skill capital increases per capita GDP, and biophysical capital (health) contributes to increasing aggregate income growth.
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