Table 4 reports steady state results for the model given by Eq. (3) in Section 3. Column (1) of
Table 1 presents results for the MRW model and columns (2)–(5) for the stock market augmented
model. In the MRW equation, the log of income per capita 2003 is regressed on the log of the
investment ratio, the log of (n + g + δ) and the log of the percentage of the population that is enrolled
in secondary school. The investment ratio and population growth rate have the sign implied by
the Solow growth model and are significant at the 10% and 5% levels respectively. The human
capital variable is significant at the 5% level. 17% of the dependent variable is explained by the
explanatory variables.