Specific and General Human Capital in an Endogenous Growth Model
Evangelia Vourvachaki (),
Vahagn Jerbashian and
Sergey Slobodyan ()
CERGE-EI Working Papers from The Center for Economic Research and Graduate Education - Economics Institute, Prague
In this paper, we define specific (general) human capital in terms of the occupations whose use is spread in a limited (wide) set of industries. We analyze the growth impact of an economy's composition of specific and general human capital, in a model where education and R&D are costly and complementary activities. The model suggests that a declining share of specific human capital, as observed in the Czech Republic, can be associated with a lower rate of long run growth. We also discuss optimal educational policies in the presence of market frictions.
Keywords: human capital types; economic growth; education policy (search for similar items in EconPapers)
JEL-codes: O52 O40 O49 I20 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fdg, nep-gro and nep-tra
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Persistent link: https://EconPapers.repec.org/RePEc:cer:papers:wp520
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