Balanced growth and degrowth with human capital
Stefano Bosi
- Fonction : Auteur
- PersonId : 845042
Carmen Camacho
- Fonction : Auteur
- PersonId : 921371
- IdRef : 175893594
Thai Ha-Huy
- Fonction : Auteur
- PersonId : 1222333
- IdHAL : thai-ha-huy
- ORCID : 0000-0001-9384-834X
Résumé
In a simple discrete-time version of Lucas (1988) we find that the Balanced Growth Path (BGP) is always the unique optimal planner’s solution: with linear or strictly concave production functions, with unbounded utility functions, with or without human capital depreciation. When the ”speed” of human capital accumulation is high, the optimal working time is constant and below its upper bound. Capital grows at a constant factor, but degrowth is also possible when this factor is less one (under positive capital depreciation). When this speed is low, optimal working time is at its boundary and capital declines at its depreciation factor (degrowth).
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Balanced growth and degrowth with human capital
|
Résumé |
en
In a simple discrete-time version of Lucas (1988) we find that the Balanced Growth Path (BGP) is always the unique optimal planner’s solution: with linear or strictly concave production functions, with unbounded utility functions, with or without human capital depreciation. When the ”speed” of human capital accumulation is high, the optimal working time is constant and below its upper bound. Capital grows at a constant factor, but degrowth is also possible when this factor is less one (under positive capital depreciation). When this speed is low, optimal working time is at its boundary and capital declines at its depreciation factor (degrowth).
|
Auteur(s) |
Stefano Bosi
1, 2, 3
, Carmen Camacho
4, 5
, Thai Ha-Huy
1, 2
1
Université Paris-Saclay
( 419361 )
- Bâtiment Bréguet, 3 Rue Joliot Curie 2e ét, 91190 Gif-sur-Yvette
- France
2
EPEE -
Centre d'Etudes des Politiques Economiques
( 1042269 )
- 4, boulevard François Mitterrand, 91025 EVRY CEDEX
- France
3
UEVE -
Université d'Évry-Val-d'Essonne
( 300306 )
- Boulevard François Mitterrand 91025 Evry Cedex
- France
4
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
5
PJSE -
Paris Jourdan Sciences Economiques
( 578027 )
- 48 boulevard Jourdan 75014 Paris
- France
|
Comité de lecture |
Oui
|
Vulgarisation |
Non
|
Audience |
Internationale
|
Public visé |
Scientifique
|
Page/Identifiant |
111348
|
Langue du document |
Anglais
|
Nom de la revue |
|
Date de publication |
2023-11
|
Volume |
232
|
Domaine(s) |
|
Mots-clés |
en
Human capital, Balanced growth path
|
DOI | 10.1016/j.econlet.2023.111348 |
UT key WOS | 001086066800001 |
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