Externalities and Dynamics in Models of "Learning or Doing"  

Oleh:

Chamley, Christophe

Jenis: Article from Bulletin/Magazine
Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 34 no. 3 (1993), page 583-610.
Topik: LEARNING; externalities; dynamics in models; learning; doing

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper analyzes the dynamics of general equilibrium models with externalities in human capital accumulation which extends that of Uzawa - Lucas. Multiple balanced growth paths, with different growth rates, and a continuum of equilibria (with a unique balanced growth path) may exist. In general, endowment shocks can be followed by higher or lower growth rates. A simple necessary and sufficient condition which depends only on the physical production technology, is established for a positive impact of physical capital on productivity growth. Under the same condition, a sudden removal of capital income taxation lowers welfare.

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