Externalities of human capital

Stefano Bosi*, Teresa Lloyd-Braga, Kazuo Nishimura

*Autor correspondente para este trabalho

Resultado de pesquisarevisão de pares

3 Citações (Scopus)

Resumo

Investments in human capital are individual and collective choices carrying significant external effects. Educated parents and friends accelerate our own human capital accumulation. Skilled colleagues at work increase our own productivity. Sharing experiences with cultured people is gratifying by itself. We introduce human capital externalities in a stylized model à la Uzawa (1965) and we find that growth can be no longer balanced and the equilibrium can be globally indeterminate. Labor supply goes to one and capital reaches an upper ceiling in a finite lapse of time above the initial critical value of labor supply ensuring the balanced growth path. Under a constant tax rate, the government should set a positive rate to speed up human capital accumulation during transition to the capital ceiling.
Idioma originalEnglish
Páginas (de-até)145-158
Número de páginas14
RevistaMathematical Social Sciences
Volume112
DOIs
Estado da publicaçãoPublished - jul 2021

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