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Long-Run Growth and Human Capital

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  • 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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Bibliographic Info

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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Cited by:
  1. Hendricks, Lutz A., 2001. "Growth, Death, and Taxes," Staff General Research Papers 11930, Iowa State University, Department of Economics.
  2. Yew, Siew Ling & Zhang, Jie, 2013. "Socially optimal social security and education subsidization in a dynastic model with human capital externalities, fertility and endogenous growth," Journal of Economic Dynamics and Control, Elsevier, vol. 37(1), pages 154-175.
  3. Osberg, L., 1995. "The Equity/Efficiency Trade-Off in Retrospect," Department of Economics at Dalhousie University working papers archive 95-04, Dalhousie, Department of Economics.
  4. Herbertsson, Tryggvi Thor, 2003. "Accounting for human capital externalities with an application to the Nordic countries," European Economic Review, Elsevier, vol. 47(3), pages 553-567, June.
  5. Krzysztof Cichy, 2009. "Human Capital and Technological Progress as the Determinants of Economic Growth," National Bank of Poland Working Papers 60, National Bank of Poland, Economic Institute.
  6. Simeonova-Ganeva, Ralitsa, 2006. "Влияние На Човешкия Капитал Върху Икономическия Растеж (България, 1949-2005 Г.)
    [The Impact of Human Capital on the Economic Growth (Bulgari
    ," MPRA Paper 37244, University Library of Munich, Germany.
  7. Trostel, Philip A., 1995. "The Effect of Deficit Finance on Human Capital," National Tax Journal, National Tax Association, vol. 48(4), pages 531-46, December.

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