A model of longevity, human capital and growth
AbstractLong run economic growth and its transitional dynamics are determined in a general equilibrium model of endogenous longevity, human capital and growth. Agents in overlapping generations survive safely for the first two periods of life and face an endogenous probability of surviving for a third period. Given this probability, each agent maximizes her expected lifetime utility choosing consumption, and the quantity of resources destined to her child’s education and health. Human capital accumulation depends on education and health expenditures and on parent’s human capital. The model produces two kinds of equilibriums, one with high life expectancy, human capital and GDP, and the other with low high life expectancy, human capital and GDP. These predictions accord with the empirical evidence on demographic transitions and development.
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Bibliographic InfoPaper provided by DEPARTAMENTO NACIONAL DE PLANEACIÓN in its series ARCHIVOS DE ECONOMÍA with number 008851.
Date of creation: 03 Nov 2010
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-08-09 (All new papers)
- NEP-DEM-2011-08-09 (Demographic Economics)
- NEP-DGE-2011-08-09 (Dynamic General Equilibrium)
- NEP-EVO-2011-08-09 (Evolutionary Economics)
- NEP-FDG-2011-08-09 (Financial Development & Growth)
- NEP-HEA-2011-08-09 (Health Economics)
- NEP-HRM-2011-08-09 (Human Capital & Human Resource Management)
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