We set up a three-period overlapping generation model in which young individuals allocate their time to schooling and work, healthy middle aged individuals allocate their time to leisure and work and their income to consumption and savings for retirement, and old age individuals live off their...

The role of human capital in a country's growth process is of great importance. As a separate factor of production, it contributes to solving key economic problems in the process of globalization, especially in economies based on knowledge. The aim of this paper is to illustrate the impact of...

The role of human capital in a country's growth process is of great importance. As a separate factor of production, it contributes to solving key economic problems in the process of globalization, especially in economies based on knowledge. The aim of this paper is to illustrate the impact of...

We set up a simple overlapping generation model that allows us to distinguish between life expectancy and active life expectancy. We show that individuals optimally adjust to a longer active life by educating more and, if the labor supply elasticity is high enough, by supplying less labor. When...

This study presents a novel theory on the interaction of social norms, fertility, education, and their joint impact on long-run economic development. The theory takes into account that sexual intercourse is utility enhancing and that the use of modern contraceptives potentially conflicts with...

We set up a three-period overlapping generation model in which young individuals allocate their time to schooling and work, healthy middle aged individuals allocate their time to leisure and work and their income to consumption and savings for retirement, and old age individuals live off their...

We develop a general equilibrium overlapping generations model which is based on the view that education makes workers more productive by increasing their ability to learn from work experience, rather than providing skills that directly increase productivity. One important implication of the...

Although many U.S. state policies presume that human capital is important for state economic development, there is little research linking better education to state incomes. In a complement to international studies of income differences, we investigate the extent to which quality-adjusted...

Although many U.S. state policies presume that human capital is important for state economic development, there is little research linking better education to state incomes. In a complement to international studies of income differences, we investigate the extent to which quality-adjusted...

Higher education is in the position to save Europe by rendering a substantial contribution to sustainable economic growth. For that purpose higher education must strengthen its innovative power in entrepreneurship education and by focusing research more on societal problems, while being better...