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Availability of Higher Education and Long-Term Economic Growth

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Author Info
Akiomi Kitagawa () (Faculty of Economics and Business Administration, Yokohama City University)
Ryo Horii () (Graduate School of Economics, Osaka University)
Koichi Futagami () (Graduate School of Economics, Osaka University)

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Abstract

This paper examines the relationship between the availability of higher education and an economyfs long-term growth rate in a simple endogenous growth model with overlapping generations. Under certain conditions, an increased availability of higher education narrows the rate-of-return difference between human and physical capital investments. This reduces the share of income received by the younger generation, negatively affecting aggregate savings in subsequent periods, and thereby causing a substantial slowdown in the long-term growth rate. Such a paradoxical slowdown is endemic to developed economies, where higher education plays a central role in accumulating human capital. Although the recovery from such a slowdown entails a major restructuring of educational institutions, the authority may not take preventative measures against it, being dazzled by a temporary boom during its early stages.

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Publisher Info
Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 03-14.

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Length: 37 pages
Date of creation: Nov 2003
Date of revision:
Handle: RePEc:osk:wpaper:03-14

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Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
I28 - Health, Education, and Welfare - - Education - - - Government Policy

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    Other versions:
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