Human Capital, Fertility, and Economic Growth
AbstractThe authors' analysis of growth assumes endogenous fertility and a rising rate of return on human capital as the stock of human capital increases. When human capital is abundant, rates of return on human capital investments are high relative to rates of return on children, whereas, when human capital is scarce, rates of return on human capital are low relative to those on children. As a result, societies with limited human capital choose large families and invest little in each member; those with abundant human capital do the opposite. This leads to two stable steady states. One has large families and little human capital; the other has small families and perhaps growing human and physical capital. Copyright 1990 by University of Chicago Press.
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Bibliographic InfoPaper provided by Chicago - Population Research Center in its series University of Chicago - Population Research Center with number 90-5a.
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Publication status: Published in Journal of Political Economy, v. 98, no. 5, Part 2 (October 1990): S12-S37
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Other versions of this item:
- Gary S. Becker & Kevin M. Murphy & Robert Tamura, 1994. "Human Capital, Fertility, and Economic Growth," NBER Chapters, in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition), pages 323-350 National Bureau of Economic Research, Inc.
- Becker, Gary S & Murphy, Kevin M & Tamura, Robert, 1990. "Human Capital, Fertility, and Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S12-37, October.
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- Gary S. Becker & Robert J. Barro, 1988.
"A Reformulation of the Economic Theory of Fertility,"
NBER Working Papers
1793, National Bureau of Economic Research, Inc.
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- Gary S. Becker & Robert J. Barro, . "A Reformulation of the Economic Theory of Fertility," University of Chicago - Population Research Center 85-11, Chicago - Population Research Center.
- Robert J. Barro, 1991.
"Economic Growth in a Cross Section of Countries,"
NBER Working Papers
3120, National Bureau of Economic Research, Inc.
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- Heckman, James J, 1976. "A Life-Cycle Model of Earnings, Learning, and Consumption," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages S11-44, August.
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- Theodore W. Schultz, 1960. "Capital Formation by Education," Journal of Political Economy, University of Chicago Press, vol. 68, pages 571.
- Tamura, R., 1991. "Fertility , Human Capital and the "Wealth of Nations"," Working Papers 91-17, University of Iowa, Department of Economics.
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