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Endogenous Growth and Human Capital: A Comparative Study of Pakistan and Sri Lanka

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  • Qaisar Abbas

    (Barani Areas Development (ABAD), Rawalpindi.)

Abstract

Economic Growth has posed an intellectual challenge ever since the beginning of systematic economic analysis. Adam Smith claimed that growth was related to division of labour, but he did not link them in a clear way. After that Thomas Malthus developed a formal model of a dynamic economic growth process in which each country converge toward stationary per-capita income. According to this model, death rates fall and fertility rises when income exceed the equilibrium, and opposite occur when incomes are less than that level. Despite the influence of the Malthusian model in nineteenth century economists, fertility fell rather than rose as income grew during the past 150 years in the west and other parts of the world. The Neoclassical growth model of Solow (1956), which has been for the past thirty years the central framework to account for economic growth, focuses on exogenous technical population factors that determine output-input ratios, responded to the failure of Malthusian model. Neither Malthus’s nor the Neoclassicists approach to growth pays much attention to Human Capital. Yet the evidence is quite strong of close link between investments in human capital and economic growth. Since human capital embodied knowledge and skills, and economic development depends on advances in technological and scientific knowledge, development presumably depends on the accumulation of human capital. Investment in human capital has been a major source of economic growth in advanced countries. The negligible amount of human investments in underdeveloped countries has done a little to extend the capacity of people to meet the challenge of accelerated development.

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Bibliographic Info

Article provided by Pakistan Institute of Development Economics in its journal The Pakistan Development Review.

Volume (Year): 40 (2001)
Issue (Month): 4 ()
Pages: 987-1007

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Handle: RePEc:pid:journl:v:40:y:2001:i:4:p:987-1007

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  1. Barro, Robert J, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 407-43, May.
  2. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-63, September.
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  4. Gary S. Becker & Kevin M. Murphy & Robert Tamura, . "Human Capital, Fertility, and Economic Growth," University of Chicago - Population Research Center 90-5a, Chicago - Population Research Center.
  5. Robert J. Barro, 1991. "Government Spending in a Simple Model of Endogenous Growth," NBER Working Papers 2588, National Bureau of Economic Research, Inc.
  6. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 9.
  7. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  8. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
  9. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
  10. Ellis W. Tallman & Ping Wang, 1990. "Human capital and endogenous growth: evidence from Taiwan," Working Paper 90-9, Federal Reserve Bank of Atlanta.
  11. Tamura, Robert, 1991. "Income Convergence in an Endogenous Growth Model," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 522-40, June.
  12. Theodore W. Schultz, 1962. "Reflections on Investment in Man," Journal of Political Economy, University of Chicago Press, vol. 70, pages 1.
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Cited by:
  1. Khattak, Naeem Ur Rehman & khan, jangraiz, 2012. "The Contribution of Education to Economic Growth: Evidence from Pakistan," MPRA Paper 51180, University Library of Munich, Germany.
  2. Nasir Iqbal & Musleh ud Din & Ejaz Ghani, 2013. "Fiscal Decentralisation and Economic Growth: Role of Democratic Institutions," PIDE-Working Papers 2013:89, Pakistan Institute of Development Economics.
  3. Ahmad Abdel-Rahman & Mohammad Safarzadeh & Michael Bottomley, 2006. "Economic growth and urbanization: A cross-section and time-series analysis of thirty-five developing countries," International Review of Economics, Springer, vol. 53(3), pages 334-348, September.
  4. Faisal Sultan Qadri, Faisal & Dr. Abdul Waheed, Waheed, 2011. "Human Capital and Economic Growth: Time Series Evidence from Pakistan," MPRA Paper 30654, University Library of Munich, Germany.
  5. Bushra Yasmin & Zainab Jehan & Muhammad Ali Chaudhary, 2006. "Trade Liberalization and Economic Development: Evidence from Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 11(1), pages 19-34, Jan-Jun.

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