of substitution between capital and labor less than one. This is inconsistent with the Uzawa Growth Theorem. We extend … Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle …. However, balanced growth is possible if schooling is endogenous and capital is more complementary with schooling than with raw …

heterogeneous human capital in the form of schooling and on-the-job training. Physical capital accumulation is also analyzed. We use … reveal that move to a flat consumption tax raises capital accumulation and the real wages of all skill groups and barely …

capital. We assume, crucially, that rates of return on human capital investments rise, rather than, decline, as the stock of … human capital increases, until the stock becomes large. This arises because the education sector uses human capital note … intensively than either the capital producing sector of the goods producing sector. This produces multiple steady scares: an …

share of the population in working age everywhere. Conventional wisdom suggests that this will increase capital intensity … with falling rates of return to capital and increasing wages. This decreases welfare for middle aged agents with assets … ageing: investing abroad, endogenous human capital formation and increasing the retirement age. Although non of these …

created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor … capital accumulation and the direction of research towards automation and the creation of new tasks. If the long-run rental … rate of capital relative to the wage is sufficiently low, the long-run equilibrium involves automation of all tasks …

In this paper we present an analytically tractable overlapping generations model of human capital accumulation, and … the only source of heterogeneity, is that individuals differ in their ability to accumulate human capital. Therefore, wage … inequality results only from differences in human capital accumulation. We examine the response of this model to skill …

-augmenting productivity, and with shocks to the durability of capital, we show that along a balanced growth path, the maximum sustainable … ratio of bonds to capital is attained when the riskfree interest rate, r[sub]f, equals g. Furthermore, this maximal ratio …

with a low effective cost of capital based on optimism about the future availability of funds for investment. The key to … funding. We show that such feedback arises naturally when an expansion comes with technological progress in the capital …