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Long-Run Growth and Human Capital

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  • John Laitner

Abstract

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.

Suggested Citation

  • John Laitner, 1993. "Long-Run Growth and Human Capital," Canadian Journal of Economics, Canadian Economics Association, vol. 26(4), pages 796-814, November.
  • Handle: RePEc:cje:issued:v:26:y:1993:i:4:p:796-814
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    Citations

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    Cited by:

    1. Lutz Hendricks, 2001. "Growth, Death, and Taxes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(1), pages 26-57, January.
    2. Trostel, Philip A., 1995. "The Effect of Deficit Finance on Human Capital," National Tax Journal, National Tax Association, vol. 48(4), pages 531-546, December.
    3. Osberg, L., 1995. "The Equity/Efficiency Trade-Off in Retrospect," Department of Economics at Dalhousie University working papers archive 95-04, Dalhousie, Department of Economics.
    4. Herbertsson, Tryggvi Thor, 2003. "Accounting for human capital externalities with an application to the Nordic countries," European Economic Review, Elsevier, vol. 47(3), pages 553-567, June.
    5. Krzysztof Cichy, 2009. "Human Capital and Technological Progress as the Determinants of Economic Growth," NBP Working Papers 60, Narodowy Bank Polski, Economic Research Department.
    6. Yew, Siew Ling & Zhang, Jie, 2013. "Socially optimal social security and education subsidization in a dynastic model with human capital externalities, fertility and endogenous growth," Journal of Economic Dynamics and Control, Elsevier, vol. 37(1), pages 154-175.
    7. Trostel, Philip A., 1995. "The Effect of Deficit Finance on Human Capital," National Tax Journal, National Tax Association, vol. 48(4), pages 531-46, December.
    8. Simeonova-Ganeva, Ralitsa, 2006. "Влияние На Човешкия Капитал Върху Икономическия Растеж (България, 1949-2005 Г.)
      [The Impact of Human Capital on the Economic Growth (Bulgaria, 1949-2005)]
      ," MPRA Paper 37244, University Library of Munich, Germany.

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