A model of longevity, human capital and growth
Long run economic growth and its transitional dynamics are determined in ageneral equilibrium model of endogenous longevity, human capital and growth.Agents in overlapping generations survive safely for the first two periods of life andface an endogenous probability of surviving for a third period. Given thisprobability, each agent maximizes her expected lifetime utility choosingconsumption, and the quantity of resources destined to her child´s education andhealth. Human capital accumulation depends on education and health expendituresand on parent´s human capital. The model produces two kinds of equilibriums, onewith high life expectancy, human capital and GDP, and the other with low high lifeexpectancy, human capital and GDP. These predictions accord with the empiricalevidence on demographic transitions and development.
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