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Erich Gundlach and Rasmus Thönnessen
''A note on human capital externalities, factor substitution, and technology differences''
( 2015, Vol. 35 No.3 )
Estimates of human capital externalities that are based on the Mincerian approach have been found to be biased in the presence of limited possibilities for factor substitution. Technology differences may be more important for the Mincerian bias than limited possibilities for factor substitution.
Keywords: Mincerian bias, Rybczynski theorem, factor substitution, technology differences
JEL: J2 - Demand and Supply of Labor: General
O4 - Economic Growth and Aggregate Productivity: General
Manuscript Received : Sep 30 2014 Manuscript Accepted : Jul 31 2015

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