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Human Capital Externalities and GrowthKeywords: economic growth, human capital, externalities. Abstract: this paper provides evidence of positive externalities in human capital that help to explain divergences in development worldwide. we estimate the supply and demand for human capital using a five-year panel involving 60 countries, covering the period 1980-2000, and found that there exists positive externalities in human capital accumulation close to one. this translates into increasing returns to scale and increasing marginal returns in human capital.
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