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Public education, technological change and economic prosperity: semi-endogenous growth revisited

Klaus Prettner ()

Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century from Verein für Socialpolitik / German Economic Association

Abstract: We introduce publicly funded education into R&D based economic growth theory. Our framework allows us to i) explicitly describe a realistic process of human capital accumulation within these types of growth models, ii) reconcile semi-endogenous growth theory with the empirical evidence on the relationship between economic development and population growth, iii) revise the policy invariance result of semi-endogenous growth frameworks. In particular, we show that the model supports a negative (positive) association between economic growth and population growth if the education sector is well (badly) developed and that changes of public investments into education crucially affect the long-run balanced growth path.

JEL-codes: J24 O11 O41 (search for similar items in EconPapers)
Date: 2012
New Economics Papers: this item is included in nep-dge, nep-fdg and nep-knm
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Working Paper: Public education, technological change and economic prosperity: semi-endogenous growth revisited (2012) Downloads
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