Human Capital Formation and Patterns of Growth with Multiple Equilibria

Kazuo Mino

MPRA Paper from University Library of Munich, Germany

Abstract: This paper studies the relation between patterns of long-term economic growth and indeterminacy of equilibrium in an endogenous growth model with human capital formation. By introducing sector-specific externalities and a non-separable utility function into the Lucas model, we show that multiple balanced growth equilibria and indeterminacy of converging paths may emerge even in the absence of social increasing returns. Our results indicate that the standard endogenous growth model with small modifications would be useful to consider the reason why we often observe diverse growth performances among the countries with similar economic environments.

Keywords: Human capital; multiple equilibria; endogenous growth (search for similar items in EconPapers)
JEL-codes: O1 O41 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (5)

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Related works:
Chapter: Human Capital Formation and Patterns of Growth with Multiple Equilibria (2004)
Working Paper: Human Capital Formation and Patterns of Growth with Multiple Equilibria (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:58146

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