An Economic Growth Model with Education and Industriousness

Nobuhiro Hobara and Shiro Kuwahara ()
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Nobuhiro Hobara: Graduate School of Tokyo University of Social Welfare, Japan
Shiro Kuwahara: University of Hyogo, Japan

Journal of Economic Development, 2023, vol. 48, issue 1, 35-57

Abstract: This study investigates the relationships between long-run growth, education, and “industriousness” using an extended Uzawa-Lucas model with labor-leisure choice, where “industriousness” is captured by the propensity for labor-leisure choice. The extension describes shifts from economic stagnation to long-run economic growth through the structural change of “industriousness,” a growth path within the de Vries’ “industrious revolution.” A domain that generates multiple steady states exists in the middle range of the industriousness parameter, implying the existence of middle-income traps. Although the range is narrow, it can be broadened by, for example, higher population growth.

Keywords: Industriousness; Economic Growth; Uzawa-Lucas Model; Labor-Leisure Choice; Multiple Steady States; Middle-Income Trap (search for similar items in EconPapers)
JEL-codes: E13 E20 J24 O41 (search for similar items in EconPapers)
Date: 2023
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