HOW LARGE ARE LEARNING EXTERNALITIES?

• 成果类型: Article
• 署名作者: Choi, Seung Mo
• 署名单位: Washington State University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2011.00660.x
• 发表日期: 2011
• 页码: 1077-1103
• 关键词: human-capital externalities; GROWTH; education; earnings; diffusion

摘要

The quantitative features of human capital externalities are not fully understood. Although static externalities are estimated in some studies, learning externalities remain mostly unestimated. By calibrating a growth model, this article provides an estimate of learning externalities. The calibration uses an equilibrium condition that equates private returns on physical capital and human capital. The results suggest that sizable learning externalities exist, even in a conservative setup. The estimated social rate of return on human capital is 9.0%, compared to the private rate of return, 6.6%. Therefore, human capital externalities are an important source of economic growth.