Human Capital, Fertility, and Economic Growth
Gary Becker,
Kevin Murphy and
Robert Tamura
No 3414, NBER Working Papers from National Bureau of Economic Research, Inc
Abstract:
Our model of growth departs from both the Malthusian and neoclassical approaches by including investments in human capital. We assume, crucially, that rates of return on human capital investments rise, rather than, decline, as the stock of human capital increases, until the stock becomes large. This arises because the education sector uses human capital note intensively than either the capital producing sector of the goods producing sector. This produces multiple steady scares: an undeveloped steady stare with little human capital, low rates of return on human capital investments and high fertility, and a developed steady stats with higher rates of return a large, and, perhaps, growing stock of human capital and low fertility. Multiple steady states mean that history and luck are critical determinants of a country's growth experience.
Date: 1990-08
Note: EFG
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (911)
Published as Journal of Political Economy, vol. 98, no. 5, pages S12-37 (October 1990).
Published as Human Capital, Fertility, and Economic Growth , Gary S. Becker, Kevin M. Murphy, Robert Tamura. in Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education, Third Edition , Becker. 1994
Downloads: (external link)
http://www.nber.org/papers/w3414.pdf (application/pdf)
Related works:
Chapter: Human Capital, Fertility, and Economic Growth (1994)
Journal Article: Human Capital, Fertility, and Economic Growth (1990)
Working Paper: Human Capital, Fertility, and Economic Growth
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:nbr:nberwo:3414
Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w3414
Access Statistics for this paper
More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().