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Human Capital, Fertility, and Economic Growth

Human Capital, Fertility, and Economic Growth,10.1086/261723,Journal of Political Economy,Gary S. Becker,Kevin M. Murphy,Robert F. Tamura

Human Capital, Fertility, and Economic Growth   (Citations: 555)
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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.<br><br>Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at <a href="http://www.&#110;ber.org/papers/&#119;3414" TARGET="_blank">www.nber.org.</a><br>
Journal: Journal of Political Economy - J POLIT ECON , vol. 98, no. S5, 1990
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