Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/67601
Authors: 
Prettner, Klaus
Year of Publication: 
2012
Series/Report no.: 
ECON WPS - Vienna University of Technology Working Papers in Economic Theory and Policy 02/2012
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, and iii) revise the policy invariance result of semi-endogenous growth frameworks. In particular, we show that the model supports a negative association between economic growth and population growth if the education sector is well developed and the population growth rate is low, that is, for modern industrialized countries. Furthermore, within our framework, changes in public educational investments have the potential to affect the long-run balanced growth rate.
Subjects: 
public education
human capital accumulation
technological change
semi-endogenous economic growth
JEL: 
I25
J24
O11
O31
O41
Document Type: 
Working Paper

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