Public Knowledge, Individual Human Capital, and Private Wealth in a Generalized Dynamic Walrasian General Equilibrium Theory

Wei-Bin Zhang

Social-Economic Debates, 2018, vol. 7, issue 1, 74-99

Abstract: This study is concerned with dynamics of a generalized Walrasian equilibrium theory with endogenous public knowledge, individual human capital, and private wealth. The model is a synthesis of a few well-established economic theories with Zhang’s approach to modeling human behavior. It integrates the basic models in Walrasian general equilibrium theory, neoclassical growth theory, growth theory with endogenous human capital, and growth theory with endogenous knowledge. We build a model with J -group of households and three sectors. To describe motion of the economy is to solve 2 J + 1 differential equations. We examine dynamic properties of the model of a 3-group economy with simulation. Comparative dynamic analysis is conducted to reveal transitory and long-term effects of some endogenous changes in policies, preferences, and efficiency of utilizing knowledge or human capital.

Keywords: Growth, propensity to receive education; propensity to save; creativity; research policy; income and wealth distribution (search for similar items in EconPapers)
JEL-codes: O41 O42 O47 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.economic-debates.ro/Art%2010%20EduKno%20DSE%201%202018.pdf (application/pdf)
http://www.economic-debates.ro/Art%2010%20EduKno%20DSE%201%202018.pdf (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sdb:social:v:7:y:2018:i:1:p:74-99

Access Statistics for this article

Social-Economic Debates is currently edited by Cristina Balaceanu

More articles in Social-Economic Debates from Association for Entreprenorial Spirit Promotion
Bibliographic data for series maintained by Adi Sava ().