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Modeling The Economic Growth In Romania. The Role Of Human Capital

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Author Info

  • Altar, Moisa

    ()
    (Academy of Economic Studies, Bucharest;)

  • Necula, Ciprian

    ()
    (Academy of Economic Studies, Bucharest;)

  • Bobeica, Gabriel

    ()
    (Academy of Economic Studies, Bucharest;)

Abstract

We simulate possible growth paths assuming that the Romanian economy behaves according to the hypothesis of the Uzawa-Lucas model. By calibrating the model to the Romanian economy, we are able to forecast the evolution of the Romanian GDP and the proportion of human capital which will be used in the production of goods and services. Although the population growth rate is considered to be zero, the average real GDP growth rate is around 6% due to the human capital accumulation, which improves the quality of labor.

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Bibliographic Info

Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): 5 (2008)
Issue (Month): 3 (September)
Pages: 115-128

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Handle: RePEc:rjr:romjef:v:5:y:2008:i:3:p:115-128

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Related research

Keywords: endogenous economic growth; human capital; two-sector economy; path simulation; Uzawa-Lucas model;

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References

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Cited by:
  1. Danut-Vasile JEMNA, 2011. "Demographic transition and economic growth in Romania," THE YEARBOOK OF THE “GH. ZANE” INSTITUTE OF ECONOMIC RESEARCHES, Gheorghe Zane Institute for Economic and Social Research ( from THE ROMANIAN ACADEMY, JASSY BRANCH), vol. 20(2), pages 103-112.

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