Journal of Political Economy
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Опубликовано на портале: 18-08-2004Sergio Rebelo Journal of Political Economy. 1991. Vol. 99. No. 3. P. 500-521.
The wide cross-country disparity in rates of economic growth is the most puzzling feature of the development process. This paper describes a class of models in which this heterogeneity in growth experiences can be the result of cross-country differences in government policy. These differences can also create incentives for labor migration from slow-growing to fast-growing countries. In the models considered, growth is endogeneous despite the absence of increasing returns because there is a "core" of capital goods that can be produced without the direct or indirect contribution of factors that cannot be accumulated, such as land.
Опубликовано на портале: 08-12-2003Gerhard Glomm, B. Ravikumar Journal of Political Economy. 1992. Vol. 100. No. 4. P. 818-834.
In this paper, we present an overlapping generations model with heterogeneous agents in which human capital investment through formal schooling is the engine of growth. We use simple functional forms for preferences, technologies, and income distribution to highlight the distinction between economies with public education and those with private education. We find that income inequality declines more quickly under public education. On the other hand, private education yields greater per capita incomes unless the initial income inequality is sufficiently high. We also find that societies will choose public education if a majority of agents have incomes below average.