A Note on the Inclusion of Human Capital in the Lucas Model

Bidisha Chakraborty and Manash Gupta ()

International Journal of Business and Economics, 2006, vol. 5, issue 3, 211-224

Abstract: We include human capital in the utility function in an otherwise standard Lucas (1988) model of endogenous growth and show that there may be multiple steady-state equilibria. We also analyze the transitional dynamic properties of this model.

Keywords: human capital; endogenous growth; multiple steady-state equilibria; saddle path (search for similar items in EconPapers)
JEL-codes: C62 J24 O41 (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:ijb:journl:v:5:y:2006:i:3:p:211-224

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