PRODUCTION FUNCTION ESTIMATION OF THE MODIFIED UZAWA – LUCAS GROWTH MODEL FOR DEVELOPED AND DEVELOPING COUNTRIES
Estimation was implemented for two groups of countries: developed countries (The Netherlands, USA, UK, Norway, Canada and Australia) and developing countries (Russia, Kazakhstan, China, Mexico, Argentina and Brazil). Series of accumulated per capita human capital were constructed. Using modified Uzawa – Lucas growth model the influence of human capital and oil-and-gas resources on economic development was defined.