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Long-Run Growth and Human Capital

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Author Info
John Laitner
Abstract

This paper analyzes long-term growth in a closed economy with human as well as physical capital. The human capital corresponds to general education. Private utility maximization determines each child's schooling. Costs of educating a given individual are convex. Although self-sustaining growth is not possible, steady states with per capita output growing faster than the underlying rate of technological progress do emerge and the magnitude of some comparative-static results is increased. Section 3 attempts to pin down the degree of growth-rate amplification implied in practice, concluding with estimates of 30-50 percent.

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Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 26 (1993)
Issue (Month): 4 (November)
Pages: 796-814
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Handle: RePEc:cje:issued:v:26:y:1993:i:4:p:796-814

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  1. Lutz Hendricks, 2001. "Growth, Death, and Taxes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(1), pages 26-57, January. [Downloadable!] (restricted)
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