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Education and Economic Growth in Slovenia: A Dynamic General Equilibrium Approach with Endogenous Growth

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Author Info
Verbic, Miroslav
Majcen, Boris
Cok, Mitja

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Abstract

In the article we model education and human capital as major endogenous growth elements in a small open economy general equilibrium framework and consider several policy scenarios for Slovenia. Decrease of the PIT rate and increase of government spending on education turned out to be the most effective policy measures. It is important, though, to understand its transitory dynamic. Namely, as education expenditure is increased, certain amount of labour is temporarily withdrawn from its productive use and put into the educational system. Higher skill upgrade of labour requires longer and higher short-term labour force decrease, but also provides us with higher long-term growth. The households that would gain more utility from such policy scenarios are those with more skilled labour and thus higher income level.

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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 17817.

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Date of creation: 2009
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Handle: RePEc:pra:mprapa:17817

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Related research
Keywords: education; endogenous growth; general equilibrium modelling; Slovenia;

Find related papers by JEL classification:
C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education

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This page was last updated on 2009-11-27.

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