Human capital as the source of economic growth
This paper revisits the theoretical framework of endogenous economic growth by considering models where human capital accumulation is at the center of the growth process. Our work is in line with Lucas (2015), who calls for not giving “too large a role to exogenous technological change” (p. 86) whil...
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Dalat University
2023
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oai:scholar.dlu.edu.vn:123456789-29732023-09-27T16:12:54Z Human capital as the source of economic growth Tran Nhat Thien Ha Huy Thai Dynamic programming Endogenous growth Human capital This paper revisits the theoretical framework of endogenous economic growth by considering models where human capital accumulation is at the center of the growth process. Our work is in line with Lucas (2015), who calls for not giving “too large a role to exogenous technological change” (p. 86) while advocating that “the contribution of human capital accumulation to economic growth deserves a production function of its own” (p. 87). The main finding of our research provides the long-term behavior of economies, where our main results locate and extend these discussions to infinite-horizon models in several ways. 13 4S (2023) 30-41 2023-09-27T16:12:54Z 2023-09-27T16:12:54Z 2023-04-28 Journal article Bài báo đăng trên tạp chí trong nước (có ISSN), bao gồm book chapter https://scholar.dlu.edu.vn/handle/123456789/2973 en Dalat University Journal of Science 0866-787X Amir, R. (1996). Sensitivity analysis of multisector optimal economic dynamics. Journal of Mathematical Economics, 25(1), 123-141. https://doi.org/10.1016/0304-4068(94)00710-1 Caballé, J., & Santos, M. S. (1993). On endogenous growth with physical and human capital. Journal of Political Economy, 101(6), 1042-1067. https://doi.org/10.1086/261914 Galor, O., & Moav, O. (2004). From physical to human capital accumulation: Inequality and the process of development. The Review of Economic Studies, 71(4), 1001-1026. https://doi.org/10.1111/0034-6527.00312 Ha-Huy, T., & Tran, N. T. (2020). A simple characterization for sustained growth. Journal of Mathematical Economics, 91, 141-147. https://doi.org/10.1016/j.jmateco.2020.10.001 Le Van, C., & Dana, R.-A. (2003). Dynamic programming in economics Vol. 5. Springer Science & Business Media. Lucas, R. E., Jr. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. https://doi.org/10.1016/0304-3932(88)90168-7 Lucas, R. E., Jr. (2015). Human capital and growth. American Economic Review, 105(5), 85-88. https://doi.org/10.1257/aer.p20151065 Manuelli, R. E., & Seshadri, A. (2014). Human capital and the wealth of nations. American Economic Review, 104(9), 2736-2762. https://doi.org/10.1257/aer.104.9.2736 McGrattan, E. R., & Prescott, E. C. (2009). Openness, technology capital, and development. Journal of Economic Theory, 144(6), 2454–2476. https://doi.org/10.1016/j.jet.2008.05.012 Ramsey, F. P. (1928). A mathematical theory of saving. The Economic Journal, 38(152), 543-559. https://doi.org/10.2307/2224098 Schoellman, T. (2012). Education quality and development accounting. Review of Economic Studies, 79(1) 388-417. https://doi.org/10.1093/restud/rdr025 Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1) 65-94. https://doi.org/10.2307/1884513 Solow, R. M. (1957). Technical change and the aggregate production function. The Review of Economics and Statistics, 39(3), 312-320. https://doi.org/10.2307/1926047 Stokey, N., Lucas, R. E., Jr., & Prescott, E. C. (1989). Recursive methods in economic dynamics. Harvard University Press. https://doi.org/10.2307/j.ctvjnrt76 Dalat University Dalat University |
| institution |
Thư viện Trường Đại học Đà Lạt |
| collection |
Thư viện số |
| language |
English |
| topic |
Dynamic programming Endogenous growth Human capital |
| spellingShingle |
Dynamic programming Endogenous growth Human capital Tran Nhat Thien Ha Huy Thai Human capital as the source of economic growth |
| description |
This paper revisits the theoretical framework of endogenous economic growth by considering models where human capital accumulation is at the center of the growth process. Our work is in line with Lucas (2015), who calls for not giving “too large a role to exogenous technological change” (p. 86) while advocating that “the contribution of human capital accumulation to economic growth deserves a production function of its own” (p. 87). The main finding of our research provides the long-term behavior of economies, where our main results locate and extend these discussions to infinite-horizon models in several ways. |
| format |
Journal article |
| author |
Tran Nhat Thien Ha Huy Thai |
| author_facet |
Tran Nhat Thien Ha Huy Thai |
| author_sort |
Tran Nhat Thien |
| title |
Human capital as the source of economic growth |
| title_short |
Human capital as the source of economic growth |
| title_full |
Human capital as the source of economic growth |
| title_fullStr |
Human capital as the source of economic growth |
| title_full_unstemmed |
Human capital as the source of economic growth |
| title_sort |
human capital as the source of economic growth |
| publisher |
Dalat University |
| publishDate |
2023 |
| url |
https://scholar.dlu.edu.vn/handle/123456789/2973 |
| _version_ |
1778234007134142464 |