Population and economic growth with human and physical capital investments
We present a two-sector endogenous growth model with human and physical capital accumulation in order to analyze the long run relationship between population growth and real per capita income growth. Learning is assumed to affect agents’ decision of how much to invest in formal education. Along the balanced growth path equilibrium population change may have a positive, negative, or neutral effect on economic growth depending on whether physical and human capital are complementary/substitutes for each other in the production of new human capital and on their degree of complementarity.
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Volume (Year): 56 (2009)
Issue (Month): 1 (March)
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- Oded Galor & Omer Moav, 2002.
"Natural Selection and the Origin of Economic Growth,"
The Quarterly Journal of Economics,
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- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. Full references (including those not matched with items on IDEAS)
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