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Accumulation of Human Capital in LDCs in the Presence of Unemployment

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Author Info
Upadhyay, Mukti P

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Abstract

This paper takes up an aggregative growth framework to study how human and physical capital evolve over time as households allocate their investment between the two assets. In the context of unemployment of educated labor, it develops a general equilibrium model of an economy with two sectors: a composite good sector and a schooling sector where output is subject to increasing returns to scale. A temporary equilibrium for this economy depends on the endowments of physical and human capital as well as on the output elasticity of returns to scale and the price elasticity of education. The dynamic evolution of this economy is explored in terms of the accumulation of the two types of capital. A rise in education subsidy increases the demand for education at the cost of investment in physical capital and could lead to inefficient substitution between skilled and unskilled workers in the long run. Copyright 1994 by The London School of Economics and Political Science.

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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 61 (1994)
Issue (Month): 243 (August)
Pages: 355-78
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Handle: RePEc:bla:econom:v:61:y:1994:i:243:p:355-78

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  1. M. Ali Khan, 1993. "On Education as a Commodity," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 32(4), pages 541-582. [Downloadable!]
  2. Aurora Teixeira & Natércia Fortuna, 2003. "Human Capital, Innovation Capability and Economic Growth," FEP Working Papers 131, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
  3. BOUDARBAT, Brahim, 2006. "Unemployment, Status In Employment And Wages In Morocco," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 6(1). [Downloadable!] (restricted)
  4. Stephen M. Miller & Mukti P. Upadhyay, 1997. "The Effects of Trade Orientation and Human Capital on Total Factor Productivity," Working papers 1997-07, University of Connecticut, Department of Economics. [Downloadable!]
  5. Asma Hyder, 2007. "Preference for Public Sector Jobs and Wait Unemployment: A Micro Data Analysis," PIDE-Working Papers 2007:20, Pakistan Institute of Development Economics. [Downloadable!]
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