Human Capital and Economic Development

Gyu Han Kim
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Gyu Han Kim: The Bank of Korea

Korean Economic Review, 1992, vol. 8, 49-66

Abstract: This paper examines the role of education in the course of economic development by incorporating human capital formation in the traditional trade model. Skilled labor and unskilled labor are considered as distinct factors of production and an education sector is introduced which produces skilled labor. The possibility of two equilibria is explored in a two sector-two factor trade model when there exists a factor intensity reversal and the education sector shows increasing returns to scale. This provides a possible explanation of the contrasting economic development of the countries like Korea and Japan and the Latin American countries.

Date: 1992
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