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Optimal Investment in Human Capital under Conditions of Nonstable Population

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  • Evert van Imhoff

Abstract

The paper analyses optimal investment in physical and human capital when the (exogenous) rate of population growth changes. The growth model describes a closed economy with overlapping generations and homogeneous human capital. The optimal growth path is characterized by two groups of optimality conditions: a Generalized Golden Rule for optimal investment in physical capital; and a continuum of Golden Rules of Education, corresponding to the continuum of active generations. These conditions for optimal investment in human capital can be interpreted in terms of the familiar equality of discounted costs and returns. The model is illustrated with a numerical simulation.

Suggested Citation

  • Evert van Imhoff, 1989. "Optimal Investment in Human Capital under Conditions of Nonstable Population," Journal of Human Resources, University of Wisconsin Press, vol. 24(3), pages 414-432.
    • Handle: RePEc:uwp:jhriss:v:24:y:1989:i:3:p:414-432
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    Cited by:

    1. Yusuke Kuwayama & Nicholas Brozović, 2017. "Optimal Management of Environmental Externalities with Time Lags and Uncertainty," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 68(3), pages 473-499, November.
    2. Thomas, Ziesemer, 1994. "Endogenous Growth with Public Factors and Heterogeneous Human Capital Producers," MPRA Paper 59951, University Library of Munich, Germany, revised 1994.
    3. Leers, T., 2001. "Public pensions and population ageing : An economic analysis of fertility, migration and social-security policy," Other publications TiSEM 0c2c876f-d263-4d1e-b820-c, Tilburg University, School of Economics and Management.

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