Notes1 The main problem faced by government is allocating scarce resources across competing activities and sectors. The choice between alternative investments, such as education versus physical infrastructure, depends on society’s objectives, which are represented by governmental decisions, and on the comparison of costs and future benefits of an investment. Since economists treat education as an […]
Investment, Human Capital, and Technological Change: Evidence from Cuba and its Implications for Growth Models
Notes1 This paper is a follow up to, and complements, my paper published last year in Cuba in Transition—Volume 7 (Madrid-Aris, 1997), in the sense that better data have been collected, and some tests have been performed to find some explanations for the Cuban decreasing total factor productivity (TFP) growth. In addition, Cuban TFP results […]