Human Capital, Fertility, and Economic Growth
Our model of growth departs from both the Malthusian and neoclassical approaches by including investments in human capital. We assume, crucially, that rates of return on human capital investments rise, rather than, decline, as the stock of human capital increases, until the stock becomes large. This arises because the education sector uses human capital note intensively than either the capital producing sector of the goods producing sector. This produces multiple steady scares: an undeveloped steady stare with little human capital, low rates of return on human capital investments and high fertility, and a developed steady stats with higher rates of return a large, and, perhaps, growing stock of human capital and low fertility. Multiple steady states mean that history and luck are critical determinants of a country's growth experience.
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|Date of creation:|
|Publication status:||Published in Journal of Political Economy, v. 98, no. 5, Part 2 (October 1990): S12-S37|
|Note:||Access to the full text of this publication is restricted|
|Contact details of provider:|| Postal: University of Chicago. Population Research Center. NORC and the University of Chicago. 1155 E. 60th Street, Chicago, Illinois 60637.|
Web page: http://www.spc.uchicago.edu/prc/
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NBER Working Papers
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National Bureau of Economic Research, Inc.
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NBER Working Papers
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- Theodore W. Schultz, 1960. "Capital Formation by Education," Journal of Political Economy, University of Chicago Press, vol. 68, pages 571-571.
- Rosen, Sherwin, 1976. "A Theory of Life Earnings," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages S45-67, August.
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