Learning-by-Doing and Schooling
The paper aims to analyze the optimal level of schooling in the presence of learning-by-doing. To achieve this objective the paper introduces the learning-by-doing hypothesis on the Lucas model of economic growth induced by human capital accumulation. With the new setup, it is possible to show that the optimal time at school's will decrease while the human capital' growth rate remains the same. Moreover, the paper provides a theoretical foundation to the claims that government should concentrate education's subsides at the basic school rather than at college education.
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- Paul M Romer, 1999.
"Increasing Returns and Long-Run Growth,"
Levine's Working Paper Archive
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- Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
- Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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