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Human Capital Evolution and Economic Crisis: Minding 'The Gap'

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    Abstract

    When an economy experiences crisis that reduces the level of human capital stock, such a change should be accompanied by a change in the investment level. Is this always the best thing to do? In an optimal growth model of human capital evolution this paper shows that cutting down investment during crisis may not always be the optimal response to crisis. At certain levels of human capital, maintaining the pre-crisis level of investment is optimal and may be crucial to economic success.

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    File URL: http://www.rhul.ac.uk/economics/Research/WorkingPapers/pdf/dpe0009.pdf
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    Bibliographic Info

    Paper provided by Department of Economics, Royal Holloway University of London in its series Royal Holloway, University of London: Discussion Papers in Economics with number 00/9.

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    Length: 27 pages
    Date of creation: Feb 2001
    Date of revision: Feb 2001
    Handle: RePEc:hol:holodi:0009

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    Keywords: Crisis; 'the gap'; Optimal Investment; Human Capital Evolution;

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