Optimal Human and Physical Capital Accumulation in a Fixed-Coefficients Economy

Richard Manning ()

Australian Economic Papers, 1985, vol. 24, issue 45, 258-70

Abstract: This paper shows the existence and nature of optimal policies of accumulation of physical and human capital for an economy with ever ywhere fixed coefficients. The long run is described by a "golden-rule," which generalizes earlier results on education and growth but which, unlike them, does not permit the separation of the education sector from the rest of the economy. The adjustment of prices and quantities of the assets to long-run equilibrium is not monotonic in general. Copyright 1985 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

Date: 1985
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