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Human capital and economic development

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Author Info
Robert Tamura

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Abstract

This paper develops a general equilibrium model of fertility and human capital investment under uncertainty. Uncertainty exists in the form of a probability that a young adult does not survive to old age. Parents maximize expected utility arising from own consumption, their fertility, and the discounted utility of future generations. There exists a precautionary demand for children. Young adult mortality is negatively related to the average human capital of young adults. Therefore, rising human capital leads to falling mortality, which eventually induces a demographic transition and an acceleration in human capital investment. The model can fit data on world and country populations, per capita incomes, age at entry into the labor force, total fertility rates, life expectancy, conditional life expectancy, and infant mortality.

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Paper provided by Federal Reserve Bank of Atlanta in its series Working Paper with number 2002-5.

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Date of creation: 2002
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Handle: RePEc:fip:fedawp:2002-5

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Related research
Keywords: Economic development ; Human capital;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Sebnem Kalemli-Ozcan, 2002. "Does the Mortality Decline Promote Economic Growth?," Macroeconomics 0212008, EconWPA. [Downloadable!]
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  2. Cervellati, Matteo & Sunde, Uwe, 2002. "Human Capital Formation, Life Expectancy and the Process of Economic Development," IZA Discussion Papers 585, Institute for the Study of Labor (IZA). [Downloadable!]
  3. Adriana Lleras-Muney, 2002. "The Relationship Between Education and Adult Mortality in the United States," NBER Working Papers 8986, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. repec:bep:macadv:v:1:y:2001:i:advances/1/2:p:1028-1028 is not listed on IDEAS
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This page was last updated on 2009-11-20.

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