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The Generalized Model of Economic Growth with Human Capital Accumulation

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  • Yury A. Kuznetsov
  • Olga V.Michasova
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    Abstract

    In this paper we proposed and study the generalized model of economic growth with human capital accumulation. The existence of a balanced growth path (BGP, the trajectory with constant growth rates of all variables) can be proved for the model. The paper identifies the conditions of existence and some qualitative features of the paths. The study of the BGP qualitative features, as well as the detailed study of the structure of the phase space in a neighborhood of a steady-state for the set of parameters which are typical for the developed economies, were carried out using numerical and analytical methods with MatLab.

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    Bibliographic Info

    Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c016_050.

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    Length: 10 pages
    Date of creation: Sep 2011
    Date of revision:
    Handle: RePEc:deg:conpap:c016_050

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    Keywords: Economic Growth; Human Capital; Balanced Growth Path;

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    1. Mulligan, Casey B & Sala-i-Martin, Xavier, 1993. "Transitional Dynamics in Two-Sector Models of Endogenous Growth," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 739-73, August.
    2. Xie Danyang, 1994. "Divergence in Economic Performance: Transitional Dynamics with Multiple Equilibria," Journal of Economic Theory, Elsevier, vol. 63(1), pages 97-112, June.
    3. Benhabib Jess & Perli Roberto, 1994. "Uniqueness and Indeterminacy: On the Dynamics of Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 63(1), pages 113-142, June.
    4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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