HUMAN CAPITAL AS THE SOURCE OF ECONOMIC GROWTH

Authors

  • Tran Nhat Thien Dalat University, Viet Nam

DOI:

https://doi.org/10.37569/DalatUniversity.13.4S.1121(2023)

Keywords:

Dynamic programming, Endogenous growth, Human capital.

Abstract

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.

Correction Notice

Correction to Tran, N. T. and Thai, H. H. (2023). Human capital as the source of economic growth. Dalat University Journal of Science13(4S), 30–41.

As initially published, this article contained an error in the author list. In the corrected version of the article, Thai Ha Huy [University of Évry (University of Paris-Saclay), Évry, France] has been removed from the author list as the authorship of the article belongs solely to Tran Nhat Thien [The Faculty of Economics and Business Administration, Dalat University, Lam Dong, Vietnam].

The author list of this article has been corrected at the request of the Editor-in-Chief because the author list was originally incorrect. In November 2023, the Dalat University Journal of Science (DLU-JOS) became aware that the author/contributor list presented in the article was incorrect. The error was reported to the DLU-JOS by the two authors themselves. One of the authors was not aware that his name had been included in the author list of the article, and both authors agreed to request that the article be retracted. In accordance with the international guidelines established by the Committee on Publication Ethics, of which the DLU-JOS is a member, we have determined that these are not grounds for retraction. We have determined that the authorship of the article was disputed but that no reason exists to doubt the validity or reliability of the findings. Therefore, a correction to the author list should sufficiently address the concerns raised by the two authors.

To ensure transparency and the accuracy of the scholarly record, we have decided to issue a formal correction to the author/contributor list of the article with the belief that the two authors have provided appropriate proof that such a correction is justified.

The authors have agreed to this formal correction notice.

The DLU-JOS regrets this incident and extends its apologies to its readers.

Downloads

Download data is not yet available.

References

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

Downloads

Published

28-04-2023 — Updated on 29-01-2024

Versions

Volume and Issues

Section

Economics and Management

How to Cite

Tran, N. T. (2024). HUMAN CAPITAL AS THE SOURCE OF ECONOMIC GROWTH. Dalat University Journal of Science, 13(4S), 30-41. https://doi.org/10.37569/DalatUniversity.13.4S.1121(2023) (Original work published 2023)