On Endogenous Growth with Physical and Human Capital
This paper presents a class of models in which agents may devote part of their nonleisure activities to going to school so as to increase the efficiency units of labor they supply to the firms and the wages they receive. The interaction among the technology of human capital accumulation and agents' preferences will determine endogenously the economy's rate of growth. Given a constant returns to scale technology for physical capital accumulation, the authors characterize the set of steady states as a ray from the origin and show the global convergence of every off-balanced path to some point on this ray. Copyright 1993 by University of Chicago Press.
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