How much would output increase if underdeveloped economies were to increase
their levels of schooling? We contribute to the development accounting literature
by describing a non-parametric upper bound on the increase in output that can
be generated by more levels of schooling. The advantage of our approach is that
the upper bound is valid for any number of schooling levels with arbitrary patterns
of substitution/complementarity. We also quantify the upper bound for all
economies with the necessary data, compare our results with the standard
development accounting approach, and provide an update on the results using
the standard approach for a large sample of countries.