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Human Capital, Religion, and Economic Growth

In: Growth and International Trade

Author

Listed:
  • Karl Farmer

    (University of Graz)

  • Matthias Schelnast

    (University of Graz)

Abstract

This chapter extends the basic OLG growth model of Chap. 2 by introducing human capital formation and religious participation. In contrast to the R&D models of the new growth theory the human capital approach based on Lucas’ (Journal of Monetary Economics, 22, 3–42, 1988) seminal contribution helps to explain non-converging GDP per capita across countries despite an unhampered international diffusion of technological knowledge. From the FOCs of households and firms and market clearing conditions the fundamental equations of motion for physical capital and the education time per period will be deduced and the existence of non-trivial steady states will be explored. In the model with human capital formation and religious participation a close relationship between educational attainment and religious participation will be argued and religion will be pointed out as a steady-state phenomenon despite the sociological secularization hypothesis.

Suggested Citation

  • Karl Farmer & Matthias Schelnast, 2013. "Human Capital, Religion, and Economic Growth," Springer Texts in Business and Economics, in: Growth and International Trade, edition 127, chapter 7, pages 151-167, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-33669-0_7
    DOI: 10.1007/978-3-642-33669-0_7
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