English, Article, Journal or magazine article edition: Human Capital, Fertility, and Economic Growth Robert F. Tamura; Gary S. Becker; Kevin M. Murphy

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Bookmark: http://trove.nla.gov.au/version/140894
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Human Capital, Fertility, and Economic Growth
Author
  • Robert F. Tamura
  • Gary S. Becker
  • Kevin M. Murphy
Physical Description
  • preprint
Notes
  • 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.
  • RePEc:nbr:nberwo:3414
  • RePEc:fth:chiprc:90-5a
Language
  • English
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