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This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The...
Persistent link: https://www.econbiz.de/10013138393
This paper studies the formation of human capital and its transmission across generations when premature adult mortality is a salient feature of the demographic landscape, either permanently or in the form of a long-period wave that follows the outbreak of an epidemic. We establish several...
Persistent link: https://www.econbiz.de/10012779950
We propose an innovation-driven growth model in which education is determined by family background and cognitive ability. We show that compulsory schooling can move a society from elite education to mass education, which then triggers market R&D. This means that our model rationalizes two...
Persistent link: https://www.econbiz.de/10013009852
The authors present a model of endogenous growth in which the main engine of economic development is knowledge. Using a two-sector closed economy model that comprises of a conventional goods-producing sector and a research and development sector, their model incorporates two key aspects of...
Persistent link: https://www.econbiz.de/10012553999
Does a country's level of unemployment have an impact on the long-run growth rate? Incorporating unemployment into a generalised augmented Solow-type growth model, yields some answers to this question. In particular, we show that the impact of unemployment on productivity growth heavily depends...
Persistent link: https://www.econbiz.de/10013321303
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Persistent link: https://www.econbiz.de/10012028253
Persistent link: https://www.econbiz.de/10011635179
This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The...
Persistent link: https://www.econbiz.de/10012475495
In the extended Solow growth model of Mankiw et al. (1992), human capital has only permanent level and no growth effects. In the endogenous growth models human capital is a growth-improving variable. Human capital may have both a permanent level and a permanent growth effect, we show how both...
Persistent link: https://www.econbiz.de/10012966632