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Public education, technological change and economic prosperity: semi-endogenous growth revisited

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  • Klaus Prettner

    ()
    (Harvard Center for Population and Development Studies)

Abstract

We introduce publicly funded education into R&D based economic growth theory. Our framework allows us to i) explicitly describe a realistic process of human capital accumulation within these types of growth models, ii) reconcile semi-endogenous growth theory with the empirical evidence on the relationship between economic development and population growth, iii) revise the policy invariance result of semiendogenous growth frameworks. In particular, we show that the model supports a negative (positive) association between economic growth and population growth if the education sector is well (badly) developed and that changes of public investments into education crucially a ect the long-run balanced growth path.

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Bibliographic Info

Paper provided by Program on the Global Demography of Aging in its series PGDA Working Papers with number 9012.

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Date of creation: Jan 2012
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Handle: RePEc:gdm:wpaper:9012

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Web page: http://www.hsph.harvard.edu/pgda
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Keywords: public education; human capital accumulation; technological change; semi-endogenous economic growth;

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