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Endogenous Lifetime and Economic Growth

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Author Info
Shankha Chakraborty () (University of Oregon Economics Department)

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Abstract

Conventional wisdom attributes the severity of mortality in poorer countries to widespread poverty and inadequate living conditions. This paper considers the possibility that persistent poverty may arise, in turn, from a high incidence of mortality. Endogenous mortality risk is introduced in a two-period overlapping generations model: probability of survival from the first period to the next depends upon health capital that can be augmented through public investment. High mortality societies do not grow fast since shorter lifespans discourage saving and investment; multiple steady-states are possible. High mortality also reduces returns on investments, like education, where risks are undiversifiable. When human capital drives economic growth, countries differing in only health capital do not converge to similar living standards; 'threshold effects' may also result.

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File URL: http://economics.uoregon.edu/papers/UO-2002-3_Chakraborty_Endogenous_Life.pdf
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Publisher Info
Paper provided by University of Oregon Economics Department in its series University of Oregon Economics Department Working Papers with number 2002-03.

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Length: 44
Date of creation: 26 Jan 2002
Date of revision: 26 Jan 2002
Handle: RePEc:ore:uoecwp:2002-03

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Postal: 1285 University of Oregon, 435 PLC, Eugene, OR 97403-1285
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Related research
Keywords: Health Life expectancy Mortality Growth Human capital.

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Find related papers by JEL classification:
I10 - Health, Education, and Welfare - - Health - - - General
I20 - Health, Education, and Welfare - - Education - - - General
O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General

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  1. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Asea, Patrick K. & Lahiri, Amartya, 1999. "The precious bane," Journal of Economic Dynamics and Control, Elsevier, vol. 23(5-6), pages 823-849, April. [Downloadable!] (restricted)
  3. Keith Blackburn & Giam Pietro Cipriani, 1998. "Endogenous fertility, mortality and growth," Journal of Population Economics, Springer, vol. 11(4), pages 517-534. [Downloadable!] (restricted)
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