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Industrialization versus Education: Optimal Investment Choices and Growth in a Developing Economy

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  • Robertson, Peter E

Abstract

Recent growth theory has focused on the role of human capital as a source of welfare gains in developing economies, rather than traditional sources such as improving resource allocation and physical capital accumulation. This paper examines traditional developing-country labor market problems in a Uzawa-Lucas endogenous growth model. Numerical solutions show that policies which promote human capital accumulation can have significant short-term costs, and lower overall welfare improvements, than policies that give similar productivity improvements in the physical-capital or final-goods sector. Copyright 2000 by Blackwell Publishing Ltd

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  • Robertson, Peter E, 2000. "Industrialization versus Education: Optimal Investment Choices and Growth in a Developing Economy," Review of Development Economics, Wiley Blackwell, vol. 4(2), pages 175-183, June.
  • Handle: RePEc:bla:rdevec:v:4:y:2000:i:2:p:175-83
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    Cited by:

    1. repec:ilo:ilowps:351412 is not listed on IDEAS
    2. Jaime Alonso-Carrera & Xavier Raurich, 2006. "Growth, Sectoral Composition, and the Wealth of Nations," Working Papers 278, Barcelona Graduate School of Economics.

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