Human Capital, Fertility, and Economic Growth.
The authors' analysis of growth assumes endogenous fertility and a rising rate of return on human capital as the stock of human capital increases. When human capital is abundant, rates of return on human capital investments are high relative to rates of return on children, whereas, when human capital is scarce, rates of return on human capital are low relative to those on children. As a result, societies with limited human capital choose large families and invest little in each member; those with abundant human capital do the opposite. This leads to two stable steady states. One has large families and little human capital; the other has small families and perhaps growing human and physical capital. Copyright 1990 by University of Chicago Press.
Year of publication: |
1990
|
---|---|
Authors: | Becker, Gary S ; Murphy, Kevin M ; Tamura, Robert |
Published in: |
Journal of Political Economy. - University of Chicago Press. - Vol. 98.1990, 5, p. 12-37
|
Publisher: |
University of Chicago Press |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
A Theory of Rational Addiction.
Becker, Gary S, (1988)
-
An Empirical Analysis of Cigarette Addiction.
Becker, Gary S, (1994)
-
Rational Addiction and the Effect of Price on Consumption.
Becker, Gary S, (1991)
- More ...