IDEAS home Printed from https://ideas.repec.org/a/mes/postke/v32y2009i1p83-95.html
   My bibliography  Save this article

Paradoxes in Lucas's 1988 model with variable returns

Author

Listed:
  • Giulio Guarini

Abstract

The point of this paper is that the introduction of variable returns to scale in Lucas's 1988 model can produce paradoxical results: there can be negative relationships between the rate of growth of income and the rate of growth of human capital, between physical and human capital, and between the rate of growth of human capital and the rate of growth of wages. Moreover, the author argues the following "ontological paradox": the main equations of Lucas's 1988 model depend on the cardinal measurability of the external effects of human capital represented by a variable that is not cardinally measurable.

Suggested Citation

  • Giulio Guarini, 2009. "Paradoxes in Lucas's 1988 model with variable returns," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(1), pages 83-95, September.
  • Handle: RePEc:mes:postke:v:32:y:2009:i:1:p:83-95
    as

    Download full text from publisher

    File URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=83PTG70871804180
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:postke:v:32:y:2009:i:1:p:83-95. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst). General contact details of provider: http://www.tandfonline.com/MPKE20 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.