Externalities of human capital

Stefano Bosi; Teresa Lloyd-Braga; Kazuo Nishimura

doi:10.1016/j.mathsocsci.2021.03.013

Externalities of human capital

Stefano Bosi^*, Teresa Lloyd-Braga, Kazuo Nishimura

^*Autor correspondente para este trabalho

Resultado de pesquisa › revisão de pares

7 Citações (Scopus)

44 Transferências (Pure)

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 original	English
Páginas (de-até)	145-158
Número de páginas	14
Revista	Mathematical Social Sciences
Volume	112
DOIs	https://doi.org/10.1016/j.mathsocsci.2021.03.013
Estado da publicação	Publicado - jul. 2021

ODS da ONU

Este resultado contribui para o(s) seguinte(s) Objetivo(s) de Desenvolvimento Sustentável

Acesso ao documento

10.1016/j.mathsocsci.2021.03.013

31818420Accepted author manuscript, 297 KBLicença:

http://hdl.handle.net/10400.14/34905Licença:

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Link to publication in Scopus

CUBE: Católica Lisbon Research Unit in Business and Economics
Machado, F. (PI), Aranda, A. M. (Investigador), Costa, A. I. D. A. (Investigador), Martins, A. P. (Investigador), Bernard, A. (Investigador), Fidalgo, A. (Investigador), Reis, C. (Investigador), Abecassis-Moedas, C. (Investigador), Santos, C. (Investigador), Tran, D. (Investigador), Fernandes, D. (Investigador), Bonfim, D. (Investigador), Schliephake, E. (Investigador), Kalogirou, F. (Investigador), Reis, F. (Investigador), Santos, F. (Investigador), Machado, F. (Investigador), Sguera, F. (Investigador), Cerqueiro, G. (Investigador), Reis, H. (Investigador), Barreto, I. (Investigador), Silva, J. (Investigador), Salvado, J. C. (Investigador), Neves, J. C. D. (Investigador), Gijsbrechts, J. (Investigador), Stahl, J. (Investigador), Guedes, J. C. (Investigador), Faias, J. (Investigador), Wagner, L. (Investigador), Correia, I. (Investigador), Saldanha, M. F. (Investigador), Fontes, J. C. (Investigador), Modesto, L. (Investigador), Meira, M. (Investigador), Matos, M. G. D. (Investigador), Gouveia, M. (Investigador), Kozeniauskas, N. (Investigador), Bertani, N. (Investigador), Couzoff, P. (Investigador), Barroso, P. (Investigador), Encarnação, P. (Investigador), Raposo, P. (Investigador), Teles, P. (Investigador), Bastos, W. (Investigador), Bohnsack, R. (Investigador), Vale, R. C. D. (Investigador), Ferreira, R. (Investigador), Lloyd-Braga, T. (Investigador), Ramus, T. (Investigador), Colaço, V. H. (Investigador), Cavicchini, A. (Investigador), Parada, P. (Investigador), Pieters, R. (Investigador), Pinto, F. A. G. D. L. S. (Investigador), Colaço, V. H. (Investigador) & Venter, Z. (Investigador)
1/01/20 → 31/12/24
Projeto

Citação

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title = "Externalities of human capital",

abstract = "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 {\`a} 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.",

keywords = "Externalities, Growth, Human capital",

author = "Stefano Bosi and Teresa Lloyd-Braga and Kazuo Nishimura",

note = "Funding Information: We would like to thank Alain Venditti for helpful comments on the paper. This work is supported by the JSPS, Japan Grants-in-Aid #15H05729 and #16H03598 , and the LABEX MME-DII, France ( ANR11-LBX-0023-01 ). Publisher Copyright: {\textcopyright} 2021 Elsevier B.V.",

year = "2021",

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doi = "10.1016/j.mathsocsci.2021.03.013",

language = "English",

volume = "112",

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AU - Bosi, Stefano

AU - Lloyd-Braga, Teresa

AU - Nishimura, Kazuo

N1 - Funding Information: We would like to thank Alain Venditti for helpful comments on the paper. This work is supported by the JSPS, Japan Grants-in-Aid #15H05729 and #16H03598 , and the LABEX MME-DII, France ( ANR11-LBX-0023-01 ). Publisher Copyright: © 2021 Elsevier B.V.

PY - 2021/7

Y1 - 2021/7

N2 - 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.

AB - 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.

KW - Externalities

KW - Growth

KW - Human capital

UR - http://www.scopus.com/inward/record.url?scp=85105299966&partnerID=8YFLogxK

U2 - 10.1016/j.mathsocsci.2021.03.013

DO - 10.1016/j.mathsocsci.2021.03.013

M3 - Article

AN - SCOPUS:85105299966

SN - 0165-4896

VL - 112

SP - 145

EP - 158

JO - Mathematical Social Sciences

JF - Mathematical Social Sciences

ER -

Externalities of human capital

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CUBE: Católica Lisbon Research Unit in Business and Economics

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