Alternatives in human capital accumulation: implications for economic growth
Board of Governors of the Federal Reserve System, 1996 - Economic development - 21 pages
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accumulating human capital allocated to education alternative means ALTERNATIVES IN HUMAN average level Basu John G Board of Governors capita income characterized by over-education characterized by under-education denotes devoted to education Division of International dynamic behavior ECONOMIC GROWTH Murat education in producing education plays equilibria arc characterized evolution factors of production Federal Reserve System Finance Discussion Papers high-income equilibria ht-i human capital accumulation human capital stock IMPLICATIONS FOR ECONOMIC increase in education individuals accumulate individuals choose inefficiencies International Finance Discussion investment in education job-specific skills later stages learning-by-doing level of education level of human low-income equilibria macroeconomic marginal effect means of accumulating multiple equilibria Murat F negative externality optimal amount Papers IFDP Number physical capital plays in determining positive externality producing general skills producing specific skills production function return to education role small open economy specific skills accumulated stages of development stock of specific types of skills