Emerson, Patrick M.; McGough, Bruce - Institute for the Study of Labor (IZA) - 2011
levels. This paper builds a model of human capital and growth that incorporates an adaptive learning mechanism to capture the …, the learning mechanism, influenced by the agents' priors and cultural bias, may impart low human capital investment for … extended periods. Policies that can speed up the learning process are examined and it is found that faster rates of growth can …