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Young Workers, Old Workers, and Convergence / Michael Kremer, Jim Thomson.
- Format:
- Book
- Author/Creator:
- Kremer, Michael.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w4827.
- NBER working paper series no. w4827
- Language:
- English
- Subjects (All):
- Education--Economic aspects.
- Education.
- Human capital--Mathematical models.
- Human capital.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1994.
- Cambridge, Massachusetts : National Bureau of Economic Research, 1994.
- Summary:
- The human capital of young and old workers are imperfect substitutes both in production and in on-the-job training. This helps explain why capital does not flow from rich to poor countries, causing instantaneous convergence of per capita output. If each generation chooses its human capital optimally given that of the previous and succeeding generations, human capital follows a unique rational- expectations path. For moderate substitutability, human capital within each sector oscillates relative to that in other sectors, but aggregate human capital converges to the steady state monotonically, at rates consistent with those observed empirically.
- Notes:
- Print version record
- August 1994.
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