... physical and human capital, labor force participation, and wages. Output is produced in a neoclassical production function that takes physical capital, land, and a human capital aggregate (embodying ... regression study that appeared in this Review. In that paper, the independentvariable of interest is the growth rate of the working-age fraction of the population, and the dependent variable is the ... labor forceparticipation rate and level of human capital. Human capital, in turn, is a function of hisor her schooling and experience. We assume that human capital inputs of individuals withdi¤erent...