In the period between 1850 and 1930, an estimated 1.25 million Swedish citizens emigrated to North America. In this chapter, I examine two dimensions of the relationships between schooling, emigration and economic growth in this context. Firstly, I address the impact that emigration had on Sweden’s comparatively high levels of human capital. Secondly, I discuss the influence that the emigration of this comparatively literate population had on economic growth in Sweden. The results of these investigations indicate that the magnitude of the loss of labor force that the emigration implied, rather than the loss of specific skills, imposed a greater influence on the economic development of Sweden during this time, even though the emigration and re-migration of certain professional groups may have also influenced economic growth.