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Abstract

Transition economies have an initial condition of high human capital relative to GDP per capita. But they will not necessarily realize their latent high growth potential. In the model, at a good equilibrium a large number of children of well-educated parents take advantage of their family backgrounds and invest substantially in their own human capital. At a bad equilibrium, past educational achievements are wasted as children fail to build upon their parents' achievements. I argue that this sort of multiple equilibria provides a basis for distinguishing development economics from transition economics.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 34 (2006)
Issue (Month): 1 (March)
Pages: 44-56

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Handle: RePEc:eee:jcecon:v:34:y:2006:i:1:p:44-56

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Web page: http://www.elsevier.com/locate/inca/622864

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Keywords:

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Find related papers by JEL classification:

• P2 - Economic Systems - - Socialist Systems and Transition Economies
• O1 - Economic Development, Technological Change, and Growth - - Economic Development
• O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
• I2 - Health, Education, and Welfare - - Education
• D1 - Microeconomics - - Household Behavior
• J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

References

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Cited by:

1. Sašo Polanec, 2004. "Convergence at Last? : Evidence from Transition Countries," Eastern European Economics, M.E. Sharpe, Inc., vol. 42(4), pages 55-80, July.
   
   • Saso Polanec, 2004. "Convergence at last? Evidence from Transition Countries," LICOS Discussion Papers 14404, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
2. Arabsheibani, Reza & Staneva, Anita V., 2012. "Returns to Education in Russia: Where There Is Risky Sexual Behaviour There Is Also an Instrument," IZA Discussion Papers 6726, Institute for the Study of Labor (IZA).
3. Marta C. N. Simões, 2011. "Education Composition and Growth: A Pooled Mean Group Analysis of OECD Countries," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(4), pages 455-471, December.
4. Yelena Kalyuzhnova & Uma Kambhampati, 2007. "Education or employment-choices facing young people in Kazakhstan," Journal of International Development, John Wiley & Sons, Ltd., vol. 19(5), pages 607-626.
5. Michael Spagat, 2002. "Human Capital, Growth and Inequality in Transition Economies," William Davidson Institute Working Papers Series 499, William Davidson Institute at the University of Michigan.
   
   • Spagat, Michael, 2002. "Human Capital, Growth and Inequality in Transition Economies," CEPR Discussion Papers 3556, C.E.P.R. Discussion Papers.

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