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Human capital investment and growth: A dynamic education model

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Author Info
Ben Mimoun, Mohamed
Raies, Asma

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Abstract

The paper aims to explicitly determine the distribution of human capital across hierarchic educational stages along the transition process, and to analyse the determinants of its evolution. We apply optimal control principles in a model of endogenous growth with two successive stages of education. We show that with initial relative scarcity of advanced human capital, the duration of studies at the advanced level should increase until reaching its equilibrium level. We also find that, by raising the duration of studies at the advanced schooling level, improvements in the quality of education at this level also enhances the economy’s growth rate, both in the transition and in the long-run.

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File URL: http://mpra.ub.uni-muenchen.de/9374/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9374.

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Date of creation: 2008
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Publication status: Published in Journal of Business Affairs Issue 1.Volume 2(2008): pp. 1-22
Handle: RePEc:pra:mprapa:9374

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Related research
Keywords: Human capital investment growth a dynamic model

Find related papers by JEL classification:
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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  1. Judson, Ruth, 1998. " Economic Growth and Investment in Education: How Allocation Matters," Journal of Economic Growth, Springer, vol. 3(4), pages 337-59, December. [Downloadable!] (restricted)
  2. Driskill, Robert A & Horowitz, Andrew W, 2002. "Investment in Hierarchical Human Capital," Review of Development Economics, Blackwell Publishing, vol. 6(1), pages 48-58, February. [Downloadable!] (restricted)
  3. Galor, Oded & Tsiddon, Daniel, 1997. " The Distribution of Human Capital and Economic Growth," Journal of Economic Growth, Springer, vol. 2(1), pages 93-124, March. [Downloadable!] (restricted)
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  4. George Psacharopoulos & Harry Anthony Patrinos, 2004. "Returns to investment in education: a further update," Education Economics, Taylor and Francis Journals, vol. 12(2), pages 111-134, August. [Downloadable!] (restricted)
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  5. Su, Xuejuan, 2004. "The allocation of public funds in a hierarchical educational system," Journal of Economic Dynamics and Control, Elsevier, vol. 28(12), pages 2485-2510, December. [Downloadable!] (restricted)
  6. Psacharopoulos, George, 1994. "Returns to investment in education: A global update," World Development, Elsevier, vol. 22(9), pages 1325-1343, September. [Downloadable!] (restricted)
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  7. Amparo Castello & Rafael Domenech, 2002. "Human Capital Inequality and Economic Growth: Some New Evidence," Economic Journal, Royal Economic Society, vol. 112(478), pages C187-C200, March. [Downloadable!] (restricted)
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