Bayesian versus Classical Econometric Inference to Revisit the Role of Human Capital in Economic Growth

<table class="table-group" id="tab4"><tr><td><table class="table"><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr class="thead"><td class="align_left">Parameters</td><td class="align_center">Classical estimates (standard error) [<i>P</i> value]</td><td class="align_center">Posterior mean estimates (standard deviation) [95% HPDI]</td></tr><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr><td class="align_left">Intercept</td><td class="align_center">4.971068 (3.232) [0.1327]</td><td class="align_center">-1.445 (0.1081) [-1.654 -1.235]</td></tr><tr><td class="align_left">Physical capital</td><td class="align_center">0.488922 (0.231550) [0.0410]</td><td class="align_center">0.8993 (0.01045) [0.8788 0.9198]</td></tr><tr><td class="align_left">Education capital</td><td class="align_center">0.005674 (0.004728) [0.2372]</td><td class="align_center">0.009121 (0.000309) [0.008522 0.009728]</td></tr><tr><td class="align_left">Health capital</td><td class="align_center">0.059269 (0.019084) [0.0035]</td><td class="align_center">0.1778 (0.008874) [0.1606 0.1952]</td></tr><tr><td class="align_left">Trade openness</td><td class="align_center">0.003240 (0.001552) [0.0432]</td><td class="align_center">0.008335 (0.001867) [0.004735 0.01203]</td></tr><tr><td class="align_left">Precision</td><td class="align_center">1628.405</td><td class="align_center">1749</td></tr><tr class="table-tr"><td colspan="3"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

<div>Classical and Bayesian estimation results.</div>

Mathematical Problems in Engineering

tab4

Table 4

Table 4: Bayesian versus Classical Econometric Inference to Revisit the Role of Human Capital in Economic Growth 