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Growth with Public Knowledge and Private Human Capital

In: The General Economic Theory

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  • Wei-Bin Zhang

    (Ritsumeikan Asia Pacific University)

Abstract

This chapter introduces knowledge as public goods and human capital as private skills into the basic model. Schumpeter admires Walras’ general equilibrium theory and considers Keynes and Ricardo the “Ricardian Vice.” Schumpeter’s “creative destruction” is one of well-known economic ideas. This chapter deals with implications of creativity and innovation for economic growth. In this chapter, knowledge is financially supported by the government, while human capital is accumulated via Arrow’s learning by doing, Uzawa–Lucas’ formal education, and Zhang’s leisure creative activities. It also points out the way and importance of integrating new growth theory of innovations with microeconomic foundation.

Suggested Citation

  • Wei-Bin Zhang, 2020. "Growth with Public Knowledge and Private Human Capital," Springer Books, in: The General Economic Theory, chapter 0, pages 103-118, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-56204-5_6
    DOI: 10.1007/978-3-030-56204-5_6
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