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The quality of human capital, educational reform and economic growth

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  • Gwanghoon Lee

Abstract

Using a general equilibrium growth model with a costly schooling process, this paper analyses the effect on economic growth of educational reform that allocates more resources to the schooling sector to raise the quality of human capital. It shows that the positive effect of improved quality on the economic growth could be offset by the reverse effect of reduced human capital formation that arises from the distortion of resource reallocation. An appropriate tax-subsidy scheme is shown to remove this reverse effect of educational reform.

Suggested Citation

  • Gwanghoon Lee, 2001. "The quality of human capital, educational reform and economic growth," International Economic Journal, Taylor & Francis Journals, vol. 18(4), pages 449-465.
    • Handle: RePEc:taf:intecj:v:18:y:2001:i:4:p:449-465
    DOI: 10.1080/1016873042000299936
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    More about this item

    Keywords

    Human capital; resource allocation; economic development; JEL Classification: O12; O41; I28;
    All these keywords.

    JEL classification:

    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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