Economic Growth with Learning by Producing, Learning by Education and Learning by Consuming
AbstractThis paper proposes a dynamic economic model with wealth accumulation and human capital accumulation. The economic system consists of one production sector and one education sector. We take account of three ways of improving human capital: learning by producing, learning by education, and learning by consuming. The model describes a dynamic interdependence between wealth accumulation, human capital accumulation, and division of labor under perfect competition. We simulate the model to demonstrate existence of equilibrium points and motion of the dynamic system. We also examine effects of changes in the propensity to receive education, efficiency of learning, and efficiency of education upon dynamic paths of the system.
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Bibliographic InfoArticle provided by Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu in its journal Interdisciplinary Description of Complex Systems.
Volume (Year): 5 (2007)
Issue (Month): 1 ()
Contact details of provider:
learning by producing; learning by consuming; learning by education; economic growth; education production;
Find related papers by JEL classification:
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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