Endogenous Growth when Unskilled Labour is Abundant

Robertson, Peter E.

doi:10.2139/ssrn.56128

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2000

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“…2. The existence and stability of this path is demonstrated in Robertson (1997), for the case of an isoelastic production function in the modern sector. The numerical simulations, below, adopt this functional form.…”

Section: Notesmentioning

confidence: 99%

Industrialization versus Education: Optimal Investment Choices and Growth in a Developing Economy

Robertson¹

2000

Review Development Economics

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Recent growth theory has focused on the role of human capital as a source of welfare gains in developing economies, rather than traditional sources such as improving resource allocation and physical capital accumulation. This paper examines traditional developing-country labor market problems in a Uzawa-Lucas endogenous growth model. Numerical solutions show that policies which promote human capital accumulation can have significant short-term costs, and lower overall welfare improvements, than policies that give similar productivity improvements in the physical-capital or final-goods sector.

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confidence: 99%