A growth model is developed in which finite-lived individuals invest in human capital, and investments have a positive external effect on the human capital of later cohorts. Heterogeneous labor is the only factor of production, and higher-quality labor produces higher-quality goods. Stationary...

A model is developed in which two complementary forms of investment contribute to growth--technology and skill acquisition, and growth takes two forms--TFP and variety growth. The rate of TFP growth depends more heavily on the parameters governing skill accumulation, while variety growth...

A model is developed in which two complementary forms of investment contribute to growth—technology and skill acquisition, and growth takes two forms—TFP and variety growth. The rate of TFP growth depends more heavily on the parameters governing skill accumulation, while variety growth...