Human Capital and Endogenous Models of Economic Growth
Human Capital and Endogenous Models of Economic Growth
This chapter examines endogenous growth models, where the process of technical change or accumulation of knowledge is not constant and predetermined but is derived from the model's features. The second section of this chapter describes models of learning-by-doing and human capital formation. The third section discusses the Lucas–Uzawa model, the seminal contribution on human capital externalities. The fourth section analyzes the model of human capital and technological diffusion of Benhabib and Spiegel. The fifth section introduces the Romer model that focuses on the role of the stock of human capital in the development of new product varieties and as a determinant of the long-run growth rate.
Keywords: accumulation of knowledge, human capital formation, human capital externalities, Lucas-Uzawa model, Romer model, technological diffusion
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