THEOFANIS P. MAMUNEAS,a ANDREAS SAVVIDESb AND THANASIS STENGOS

SUMMARY
This paper investigates the impact of human capital on the process of economic growth by allowing the
contribution of traditional inputs (capital and labour) as well as that of human capital to vary both across
countries and time. The former is accomplished by constructing an index of TFP growth for traditional
inputs, while the latter through semiparametric methods. We derive estimates of the output elasticity and
social return to human capital for 51 countries at various stages of economic development. Copyright 
2005 John Wiley & Sons, Ltd.