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Human Capital, Fertility, and Economic Growth / Gary S. Becker, Kevin M. Murphy, Robert F. Tamura.
- Format:
- Book
- Author/Creator:
- Becker, Gary S.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3414.
- NBER working paper series no. w3414
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1990.
- Summary:
- Our model of growth departs from both the Malthusian and neoclassical approaches by including investments in human capital. We assume, crucially, that rates of return on human capital investments rise, rather than, decline, as the stock of human capital increases, until the stock becomes large. This arises because the education sector uses human capital note intensively than either the capital producing sector of the goods producing sector. This produces multiple steady scares: an undeveloped steady stare with little human capital, low rates of return on human capital investments and high fertility, and a developed steady stats with higher rates of return a large, and, perhaps, growing stock of human capital and low fertility. Multiple steady states mean that history and luck are critical determinants of a country's growth experience.
- Notes:
- Print version record
- August 1990.
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