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Availability of Higher Education and Long-Term Economic Growth

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Author Info
Ryo Horii () (Graduate School of Economics, Osaka University)
Akiomi Kitagawa (Graduate School of Economics and Management, Tohoku University)
Koichi Futagami (Graduate School of Economics, Osaka University)

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Abstract

This paper examines the economic growth effects of limited availability of higher education in a simple endogenous growth model with overlapping generations. With limited availability, the scarcity of human capital keeps its price high and distributes a larger share of the aggregate output to young households. Under certain conditions, it leads to greater aggregate savings in each period, thereby enabling the economy to grow faster than without any limitation. In such cases, an excessive expansion in the availability causes a temporary boom followed by a serious deficiency in investible funds, resulting in a substantial slowdown in economic growth.

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File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0314R.pdf
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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-Rev.

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Length: 39 pages
Date of creation: Nov 2003
Date of revision: Sep 2005
Handle: RePEc:osk:wpaper:0314r

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Web page: http://www.econ.osaka-u.ac.jp/
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Related research
Keywords: Endogenous Growth; Human Capital; Slowdown; Intergenerational Income Distribution.;

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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

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    Other versions:
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  17. Card, David, 1999. "The causal effect of education on earnings," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 30, pages 1801-1863 Elsevier. [Downloadable!] (restricted)
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