Romer meets Kongsamut–Rebelo–Xie in a nonbalanced growth model
Gaowang Wang and
Economics Letters, 2019, vol. 174, issue C, 100-103
To explain the newly found empirical relationship between human capital accumulation and structural change, the paper introduces Romer (1990)’s endogenous technological change into the multi-sector growth model pioneered by KRX (1997, 2001), and shows that an increase in the level of human capital accelerates the structural transformation of the economy, while the incremental effect of human capital on structural change is smaller at higher levels of human capital. The theoretical results of the combined model matches the empirical findings very well.
Keywords: Human capital; Endogenous technological change; Structural change (search for similar items in EconPapers)
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Working Paper: Romer Meets Kongsamut-Rebelo-Xie in a Nonbalanced Growth Model (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:174:y:2019:i:c:p:100-103
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