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Human capital and the future of transition economies

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  • Spagat, Michael

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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Cited by:
  1. 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.
  2. Spagat, Michael, 2002. "Human Capital, Growth and Inequality in Transition Economies," CEPR Discussion Papers 3556, C.E.P.R. Discussion Papers.
  3. Sašo Polanec, 2004. "Convergence at Last? : Evidence from Transition Countries," Eastern European Economics, M.E. Sharpe, Inc., vol. 42(4), pages 55-80, July.
  4. Mihails Hazans & Ija Trapeznikova, 2006. "Access to Secondary Education in Albania: Incentives, Obstacles, and Policy Spillovers," SSE Riga/BICEPS Research Papers 2006-1, Baltic International Centre for Economic Policy Studies (BICEPS) and Stockholm School of Economics in Riga (SSE Riga).
  5. Habibov, Nazim, 2012. "Early childhood care and education attendance in Central Asia," Children and Youth Services Review, Elsevier, vol. 34(4), pages 798-806.
  6. Desislava Kolarova, 2003. "Business Services in the Economies of France and Bulgaria," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 85-101.
  7. 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).
  8. Brück, Tilman & Esenaliev, Damir, 2013. "Post-Socialist Transition and the Intergenerational Transmission of Education in Kyrgyzstan," IZA Discussion Papers 7318, Institute for the Study of Labor (IZA).
  9. Searing, Elizabeth A.M. & Rios-Avila, Fernando & Lecy, Jesse D., 2013. "The impact of psychological trauma on wages in post-conflict Bosnia and Herzegovina," Social Science & Medicine, Elsevier, vol. 96(C), pages 165-173.
  10. 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.

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