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2001
- handle: 10670/1.9x0jh8
- 0210-1521
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Investigaciones Económicas
Mots-clés
Economía y Finanzas human capital externalities indeterminacy Endogenous growth multiple equilibriaSujets proches
Human assets Human beings--Economic value Human resourcesCiter ce document
Jaime Alonso-Carrera, « More on the dynamics in the endogenous growth model with human capital », Investigaciones Económicas, ID : 10670/1.9x0jh8
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Résumé
"This paper shows that multiple and globally indeterminate long-run growthrates can easily arise in the two-sector growth model introduced by Lucas(1988). This result is generated by the existence of diminishing returns totime at the private level in human capital accumulation and the existence ofexternal e¤ects from human capital stock in production. The paper assertsthat two interior balanced growth paths arise under a su¢ciently large elasticityof intertemporal substitution. One is locally determinate, whereas theother can be locally indeterminate. Furthermore, we show that these balancedgrowth paths can also be globally indeterminate."