Optimal Localized Production Experience and Schooling
AbstractThree factors of economic growth, i.e., physical capital accumulation, schooling, and learning by doing, are investigated. The special relationship between the first factor and the other two is modeled through adjustment costs in production experience accumulation whenever the production technique changes. This generates a nontrivial two-state variable control problem. Necessary and sufficient conditions for optimality are given. The steady state and the path to it are unique. It is shown that, among others, technique changes deter whereas learning by doing enhances the speed of convergence to the steady state. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Bibliographic InfoArticle provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 33 (1992)
Issue (Month): 1 (February)
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Other versions of this item:
- Marrewijk , C. van & Vries, C.G. de & Withagen, C.A.A.M., 1992. "Optimal localized production experience and schooling," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3107035, Tilburg University.
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- Huijberts, H. & Withagen, C.A.A.M., 1992.
"Local asymptotic stability of optimal steady states,"
Open Access publications from Tilburg University
urn:nbn:nl:ui:12-3107037, Tilburg University.
- Huijberts, Henri & Withagen, Cees, 1992. "Local asymptotic stability of optimal steady states," Economics Letters, Elsevier, vol. 40(1), pages 7-11, September.
- Cees Withagen, 1995.
"Pollution, abatement and balanced growth,"
Environmental & Resource Economics,
European Association of Environmental and Resource Economists, vol. 5(1), pages 1-8, January.
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