Alternatives in Human Capital Accumulation: Implications for Economic Growth |
Common terms and phrases
accumulating human capital allocated to education alternative means ALTERNATIVES IN HUMAN average level Basu John G Board of Governors capita income denotes devoted to education Division of International dynamic behavior education in producing education plays equilibria are characterized evolution factors of production Federal Reserve System Finance Discussion Papers GROWTH Murat F high-income equilibria 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 lim ht-1 low-income equilibria macroeconomic marginal effect means of accumulating multiple equilibria multiple steady negative externality optimal amount physical capital plays in determining positive externality producing general skills production function return to education role small open economy specific skills accumulated specific skills i.e. stages of development stock of specific types of skills under-education and high-income UNIVERSITY OF CALIFORNIA