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- Publisher
- Oxford University Press
- Copyright
- © 1991 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
- ISSN
- 0033-5533
- eISSN
- 1531-4650
- DOI
- 10.2307/2937948
- Publisher site
- See Article on Publisher Site
Abstract
Abstract A model of growth is developed in which finite-lived individuals invest in human capital, investments have a positive external effect on the human capital of later cohorts, and labor with more human capital produces higher-quality goods. Stationary growth paths are analyzed, paths along which human capital and the quality of goods grow at a common, constant rate. It is also shown that if a small open economy is either very advanced or very backward relative to the rest of the world, then its rate of investment in human capital is lower under free trade than under autarky. * " This paper was prepared for the NBER Conference on Economic Growth held on April 13–14,1990, in Vail, Colorado. I thank Elhanan Helpman, Larry E. Jones, Robert E. Lucas, Jr., Paul M. Romer, and Alwyn Young for helpful comments. This research was supported by N.S.F. grants SES-8606755 and SES-8921543. This content is only available as a PDF. © 1991 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
Journal
The Quarterly Journal of Economics – Oxford University Press
Published: May 1, 1991