HUMAN CAPITAL AS THE SOURCE OF ECONOMIC GROWTH
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.
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Copyright (c) 2023 Tran Nhat Thien, Thai Ha Huy
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
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