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This research develops an expanded unified growth theory that incorporates the endogenous accumulation of physical capital, population, human capital, and technology. The model incorporates a complementarity between physical capital and human capital and can be extended to a multi-country...
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composition of the population, and the associated fertility differential is crucial for understanding the economic and the … demographic transition. In the model, heterogeneous individuals make optimal decisions about fertility, education of their …, and education and fertility decisions delivers a phase transition that replicates stylized facts that previously have been …
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