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Economic Growth with Learning by Producing, Learning by Education and Learning by Consuming

  • Wei-Bin Zhang


    (College of Asia Pacific Management, Ritsumeikan Asia Pacific University)

This paper proposes a dynamic economic model with wealth accumulation and human capital accumulation. The economic system consists of one production sector and one education sector. We take account of three ways of improving human capital: learning by producing, learning by education, and learning by consuming. The model describes a dynamic interdependence between wealth accumulation, human capital accumulation, and division of labor under perfect competition. We simulate the model to demonstrate existence of equilibrium points and motion of the dynamic system. We also examine effects of changes in the propensity to receive education, efficiency of learning, and efficiency of education upon dynamic paths of the system.

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Article provided by Croatian Interdisciplinary Society Provider Homepage: in its journal Interdisciplinary Description of Complex Systems.

Volume (Year): 5 (2007)
Issue (Month): 1 ()
Pages: 21-38

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Handle: RePEc:zna:indecs:v:5:y:2007:i:1:p:21-38
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  1. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  2. Zhang, Wei-Bin, 1993. "A woman's labor participation and economic growth : Creativity, knowledge utilization and family preference," Economics Letters, Elsevier, vol. 42(1), pages 105-110.
  3. Wei-Bin, Zhang, 1996. "Preference, structure and economic growth," Structural Change and Economic Dynamics, Elsevier, vol. 7(2), pages 207-221, June.
  4. Solow, Robert M., 2000. "Growth Theory: An Exposition," OUP Catalogue, Oxford University Press, edition 2, number 9780195109030, July.
  5. Robert J. Barro, 2013. "Inflation and Economic Growth," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 121-144, May.
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