Rent Seeking and Growth: The Case of Growth through Human Capital Accumulation
This paper follows the work of H. Uzawa (1965) and R. E. Lucas (1988) by presenting an endogenous growth model with human capital accumulation as the engine of growth. Agents make time allocation decisions in an economy where quantitative restrictions are employed in the trade regime. Agents may allocate time to obtain valuable import licences. The effect of this activity on the growth rate is found to be dependent upon whether agents specialize in the rent-seeking activity. When agents do not specialize, the rent-seeking activity reduces growth by reducing the incentive to accumulate productive human capital.
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Volume (Year): 25 (1992)
Issue (Month): 4 (November)
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