Higher Educational Attainment for Growth: The MRW Model for Iceland

Mariya Neycheva, Kári Joensen

Research output: Contribution to journalArticlepeer-review

Abstract

This study evaluates Mankiw, Romer and Weil’s augmented neoclassical growth model with human capital for Iceland. Moreover, we differentiate between the impact of upper-secondary and tertiary education. Both unrestricted and restricted regressions show that human capital stimulates real GDP per capita changes. The value of the elasticity of output with respect to human capital proxies calculated by OLS as well as DOLS ranges between 0.22 and 0.47, which is fully compatible with that calculated by the relevant studies on advanced economies applying the same methodology. The regression output is robust to modifications of the baseline model and the method of estimation.
Original languageEnglish
Pages (from-to)301-316
Number of pages15
JournalScandinavian Journal of Educational Research
Volume63
Issue number3
DOIs
Publication statusPublished - 16 Apr 2019

Other keywords

  • Menntun
  • Framhaldsmenntun

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