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Population and economic growth with human and physical capital investments

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  • Alberto Bucci

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  • Davide Torre

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Abstract

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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Suggested Citation

  • Alberto Bucci & Davide Torre, 2009. "Population and economic growth with human and physical capital investments," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 56(1), pages 17-27, March.
    • Handle: RePEc:spr:inrvec:v:56:y:2009:i:1:p:17-27
    DOI: 10.1007/s12232-008-0054-5
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    References listed on IDEAS

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    1. Oded Galor & Omer Moav, 2002. "Natural Selection and the Origin of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1133-1191.
    2. Growiec Jakub, 2006. "Fertility Choice and Semi-Endogenous Growth: Where Becker Meets Jones," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(2), pages 1-25, September.
    3. Alvarez Albelo, Carmen D., 1999. "Complementarity between physical and human capital, and speed of convergence," Economics Letters, Elsevier, vol. 64(3), pages 357-361, September.
    4. Holger Strulik, 2005. "The Role of Human Capital and Population Growth in R&D-based Models of Economic Growth," Review of International Economics, Wiley Blackwell, vol. 13(1), pages 129-145, February.
    5. Miguel-Angel Martín & Agustín Herranz, 2004. "Human capital and economic growth in Spanish regions," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 10(4), pages 257-264, November.
    6. Bucci, Alberto, 2008. "Population growth in a model of economic growth with human capital accumulation and horizontal R&D," Journal of Macroeconomics, Elsevier, vol. 30(3), pages 1124-1147, September.
    7. repec:kap:iaecre:v:10:y:2004:i:4:p:257-264 is not listed on IDEAS
    8. Dalgaard, Carl-Johan & Kreiner, Claus Thustrup, 2001. "Is Declining Productivity Inevitable?," Journal of Economic Growth, Springer, vol. 6(3), pages 187-203, September.
    9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Citations

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    Cited by:

    1. La Torre, Davide & Marsiglio, Simone, 2010. "Endogenous technological progress in a multi-sector growth model," Economic Modelling, Elsevier, vol. 27(5), pages 1017-1028, September.
    2. Apergis, Nicholas & Polemis, Michael, 2018. "Electricity supply shocks and economic growth across the US states: evidence from a time-varying Bayesian panel VAR model, aggregate and disaggregate energy sources," MPRA Paper 84954, University Library of Munich, Germany.
    3. Furuoka, Fumitaka, 2014. "Population and economic development in Sarawak, Malaysia," MPRA Paper 60636, University Library of Munich, Germany.
    4. Fumitaka Furuoka & Qaiser Munir, 2011. "Population growth and standard of living: A threshold regression approach," Economics Bulletin, AccessEcon, vol. 31(1), pages 844-859.
    5. Furuoka, Fumitaka, 2012. "Population Growth and Economic Development: Empirical Evidence from the Philippines," Philippine Journal of Development PJD 2010 Vol. 37 No. 1d, Philippine Institute for Development Studies.
    6. Simone Marsiglio & Davide La Torre, 2012. "A note on demographic shocks in a multi-sector growth model," Economics Bulletin, AccessEcon, vol. 32(3), pages 2293-2299.
    7. Fumitaka Furuoka, 2009. "Population Growth and Economic Development: New Empirical Evidence from Thailand," Economics Bulletin, AccessEcon, vol. 29(1), pages 1-14.
    8. Alberto Bucci, 2014. "Population, competition, innovation, and economic growth with and without human capital investment," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(1), pages 61-84, April.
    9. Alberto BUCCI & Herb E. KUNZE & Davide LA TORRE, 2008. "Parameter identification, population and economic growth in an extended Lucas and Uzawa-type two sector model," Departmental Working Papers 2008-34, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.

    More about this item

    Keywords

    Economic growth; Population; Human capital accumulation; Physical capital investment; O33; O41; J24;

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General

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