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A Note on the Inclusion of Human Capital in the Lucas Model

  • Bidisha Chakraborty

    (Vijaygarh Jotish Ray College, India and Economic Research Unit, Indian Statistical Institute, India)

  • Manash Ranjan Gupta

    (Economic Research Unit, Indian Statistical Institute, India)

We include human capital in the utility function in an otherwise standard Lucas (1988) model of endogenous growth and show that there may be multiple steady-state equilibria. We also analyze the transitional dynamic properties of this model.

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Article provided by College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan in its journal International Journal of Business and Economics.

Volume (Year): 5 (2006)
Issue (Month): 3 (December)
Pages: 211-224

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Handle: RePEc:ijb:journl:v:5:y:2006:i:3:p:211-224
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  1. Glomm, Gerhard & Ravikumar, B., 1996. "Endogenous public policy and multiple equilibria," European Journal of Political Economy, Elsevier, vol. 11(4), pages 653-662, April.
  2. DE LA CROIX, David & DOEPKE, Matthias, . "Public versus private education when differential fertility matters," CORE Discussion Papers RP -1727, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Selod, Harris & Zenou, Yves, 2002. "Private versus Public Schools in Post-Apartheid South African Cities: Theory and Policy Implications," CEPR Discussion Papers 3358, C.E.P.R. Discussion Papers.
  4. Mino, Kazuo, 1999. "Non-separable utility function and indeterminacy of equilibrium in a model with human capital," Economics Letters, Elsevier, vol. 62(3), pages 311-317, March.
  5. Paul A. de Hek, 2005. "On Taxation in a Two-Sector Endogenous Growth Model with Endogenous Labor Supply," DEGIT Conference Papers c010_010, DEGIT, Dynamics, Economic Growth, and International Trade.
  6. Enrico Moretti, 2003. "Human Capital Externalities in Cities," NBER Working Papers 9641, National Bureau of Economic Research, Inc.
  7. Liviatan, Nissan & Samuelson, Paul A., 1969. "Notes on Turnpikes: Stable and unstable," Journal of Economic Theory, Elsevier, vol. 1(4), pages 454-475, December.
  8. Ben-Gad, Michael, 2003. "Fiscal policy and indeterminacy in models of endogenous growth," Journal of Economic Theory, Elsevier, vol. 108(2), pages 322-344, February.
  9. Benhabib Jess & Perli Roberto, 1994. "Uniqueness and Indeterminacy: On the Dynamics of Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 63(1), pages 113-142, June.
  10. Foster, Andrew D. & Rosenzweig, Mark R., 2004. "Technological change and the distribution of schooling: evidence from green-revolution India," Journal of Development Economics, Elsevier, vol. 74(1), pages 87-111, June.
  11. Xie Danyang, 1994. "Divergence in Economic Performance: Transitional Dynamics with Multiple Equilibria," Journal of Economic Theory, Elsevier, vol. 63(1), pages 97-112, June.
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