An independent estimate by two economics professors at the University of Wisconsin, Madison, Rodolfo E. Manuelli and Ananth Seshadri, (ââ?¬Å?Human Capital and the Wealth of Nations,ââ?¬Â (http://www.ssc.wisc.edu/~manuelli/research/humcapwealthnation5_05.pdf) suggests that if variations in the quality of labor across nations are taken into account, other productivity factors need differ by only 27 percent to explain differences in per capita income.
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