The Generalized Model of Economic Growth with Human Capital Accumulation
AbstractIn 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 InfoPaper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c016_050.
Length: 10 pages
Date of creation: Sep 2011
Date of revision:
Economic Growth; Human Capital; Balanced Growth Path;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-05-15 (All new papers)
- NEP-DGE-2012-05-15 (Dynamic General Equilibrium)
- NEP-FDG-2012-05-15 (Financial Development & Growth)
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