Hierarchical Human Capital and Economic Growth: Theory and Evidence
AbstractWe embed an N-level human-capital hierarchy in a growth model and demonstrate that the hierarchical structure generates an optimal investment program with phases of stock depletion and expansion in the stocks of the various levels of humancapital. We then take the implications of the model to data from a diverse sample of countries and find patterns of stock expansion and contraction consistent with the theoretical model. We also illustrate how allowing for hierarchical human-capital formation might contribute to the empirical growth literature.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 165 (2009)
Issue (Month): 4 (December)
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Web page: http://www.mohr.de/jite
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Find related papers by JEL classification:
- 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
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
- O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
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- Rossana Patrón & Marcel Vaillant, 2011.
"Public Expenditure on Education and Skill Formation: Is There a Simple Rule to Maximize Skills?,"
Documentos de Trabajo (working papers)
0611, Department of Economics - dECON.
- Patron, Rossana & Vaillant, Marcel, 2011. "Public expenditure on education and skill formation: is there a simple rule to maximize skills?," MPRA Paper 46740, University Library of Munich, Germany.
- Rossana Patron & Marcel Vaillant, 2011. "Public expenditure on education and skill formation: are there simple rules to maximise skills?," Investigaciones de Economía de la Educación volume 6, in: Antonio Caparrós Ruiz (ed.), Investigaciones de Economía de la Educación 6, edition 1, volume 6, chapter 23, pages 387-397 Asociación de Economía de la Educación.
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