The Role of Education Supply in Economic Growth and the Dynamics of Skills

V. Barthelemy and Philippe Michel

G.R.E.Q.A.M. from Universite Aix-Marseille III

Abstract: This paper analyzes the role of the structure of skills in economic development through investment in human capital. With a lack of credit market for education and the presence of indivisibilities in investment in human capital as well as of a congestion effect of the educational system, the initial distribution of skills affect aggregate output and investment both in the short and the in the long run, as there multiple balanced growth paths. This paper provides an additional explanation for the persistent differences in per-capita output across countries. Moreover, it shows that cross-country differences in macroeconomic adjustments to educational policies can be attributed,among other factors, to differences in the distribution of skills.

Keywords: HUMAN CAPITAL; EDUCATION; ECONOMIC GROWTH (search for similar items in EconPapers)
JEL-codes: I21 I28 O11 O40 (search for similar items in EconPapers)
Pages: 24 pages
Date: 1999
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Working Paper: The role of education supply in economic growth and the dynamics of skills (1999)
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