Education or creativity : what matters most for economic performance? [Recurs electrònic] / Emanuela Marrocu and Raffaele Paci

By: Marrocu, Emanuela.
Paci, Raffaele.
Publisher: [S.l. : s.n.], 2011Description: 33 p. : digital, fitxer PDF (672,02 kb).Series: Working Paper CRENoS: 2010/31Online resources: E-Link Summary: There is a large consensus among social researchers on the positive role played by human capital on economic performances. The standard way to measure the human capital endowment is to consider the educational attainments by the resident population, usually the share of people with a university degree. Recently, Florida (2002) suggested a different measure of human capital - the “creative class” - based on the actual occupations of individuals in specific jobs like science, engineering, arts, culture, entertainment. However, the empirical analyses carried out so far overlooked a serious measurement problem concerning the clear definition of the education and creativity components of human capital. This paper aims to disentangle this issue by proposing a disaggregation of human capital into three nonoverlapping categories of creative graduates, bohemians and non creative graduates. Using a spatial error model to account for spatial dependence, we assess the concurrent effect of the human capital indicators on total factor productivity for 257 regions of EU27. Our results indicate that the highly educated creative group is the most relevant one in explaining production efficiency, non creative graduates exhibit a lower impact, while the bohemians do not show a significant impact on regional performance. Moreover, a relevant influence is ixerted by technological capital, cultural diversity and industrial and geographical characteristics thus providing robust evidence that a highly educated, innovative, open and culturally diverse environment is becoming more and more central for productivity enhancements. (Font: Autor)
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There is a large consensus among social researchers on the positive role played by human capital on economic performances. The standard way to measure the human capital endowment is to consider the educational attainments by the resident population, usually the share of people with a university degree. Recently, Florida (2002) suggested a different measure of human capital - the “creative class” - based on the actual occupations of individuals in specific jobs like science, engineering, arts, culture, entertainment. However, the empirical analyses carried out so far overlooked a serious measurement problem concerning the clear definition of the education and creativity components of human capital. This paper aims to disentangle this issue by proposing a disaggregation of human capital into three nonoverlapping categories of creative graduates, bohemians and non creative graduates. Using a spatial error model to account for spatial dependence, we assess the concurrent effect of the human capital indicators on total factor productivity for 257 regions of EU27. Our results indicate that the highly educated creative group is the most relevant one in explaining production efficiency, non creative graduates exhibit a lower impact, while the bohemians do not show a significant impact on regional performance. Moreover, a relevant influence is ixerted by technological capital, cultural diversity and industrial and geographical characteristics thus providing robust evidence that a highly educated, innovative, open and culturally diverse environment is becoming more and more central for productivity enhancements. (Font: Autor)

1. Introduction -- 2. Human capital measures -- 3. Other characteristics of the regional environment -- 4. The estimation of regional total factor productivity -- 5. The role of human capital: empirical model and estimation issues -- 6. Basic results and robustness analysis -- 7. Concluding remarks -- References -- Appendixs

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