Human capital, technological progress and the demographic transition
AbstractWe emphasize the importance to consider components of population growth — fertility and mortality - separately, when modeling the mutual interaction between population and economic growth. Our model implies that two countries with the same population growth will not converge towards the same level of per capita income. The country with the lower level of birth and death rates will be better off in the long run. Introducing a spill over effect of average human capital on total productivity our model implies multiple equilibria as illustrated in Becker el al. (1990) and Strulik (1999). Besides the existence of a low and high level equilibrium - as characterized by low and high levels of per capita output respectively - we show the existence of multiple low level (Malthusian) equilibria. Initial conditions and parameters of technological progress and human capital investment determine whether an economy is capable to escape the low level equilibrium trap and to enjoy sustained economic growth.
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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal Mathematical Population Studies.
Volume (Year): 7 (2000)
Issue (Month): 4 ()
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- Edgardo Bucciarelli & Gianfranco Giulioni, 2011. "A Basic Model of Take-Off and Fertility Choices in the Economic Development Process," Rivista di Politica Economica, SIPI Spa, issue 2, pages 125-148, April-Jun.
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- Luciano Fanti & Luca Spataro, 2007.
"Poverty traps and intergenerational transfers,"
2007/66, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
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