While theories suggested a strong causal link from education to growth on the macroeconomic level, the empirical evidence has not been conclusive. This paper especially focuses on two explanatory factors, which author thinks as the most important between others. First, the distribution of education as a complex issue, which interacts with educational assets. Second, the impact of education on growth is greatly affected by quality of institutions. The main hypothesis of this paper is: controlling for education distribution leads to positive and significant effects of average education on the growth rate of real GDP per capita, while failure to do so leads to insignificant and even negative effects of average education. The same is true, when we control for quality of institutions and try not to distort market mechanism.

Using cross-country data from 1990 to 2004 and panel data from 1970 to 2004 the paper investigates the relationship between education, quality of institutions, some characteristics of market functioning and economic growth and contains the discussion of applied econometric methods.

1. FULLTEXT: Human capital, quality of institutions and economic growth - an econometric analysis, Microsoft Office Document, 0.1MB

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