Long-Run Growth and Human Capital.
This paper analyzes long-term growth in a closed economy with human as well as physical capital. The human capital corresponds to general education. Private utility maximization determines each child's schooling. Costs of educating a given individual are convex. Although self-sustaining growth is not possible, steady states with per capita output growing faster than the underlying rate of technological progress do emerge and the magnitude of some comparative-static results is increased. Section 3 attempts to pin down the degree of growth-rate amplification implied in practice, concluding with estimates of 30-50 percent.
Year of publication: |
1993
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Authors: | Laitner, John |
Published in: |
Canadian Journal of Economics. - Canadian Economics Association - CEA. - Vol. 26.1993, 4, p. 796-814
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Publisher: |
Canadian Economics Association - CEA |
Saved in:
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