Long-Run Growth and Human Capital
This paper analyzes long-term growth in a closed economy with human as well as physical capital. The human capital corresponds to general education. Private utility maximization determines each child's schooling. Costs of educating a given individual are convex. Although self-sustaining growth is not possible, steady states with per capita output growing faster than the underlying rate of technological progress do emerge and the magnitude of some comparative-static results is increased. Section 3 attempts to pin down the degree of growth-rate amplification implied in practice, concluding with estimates of 30-50 percent.
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Volume (Year): 26 (1993)
Issue (Month): 4 (November)
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