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Industrialization versus Education: Optimal Investment Choices and Growth in a Developing Economy

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  • Peter E. Robertson

Abstract

Recent growth theory has focused on the role of human capital as a source of welfare gains in developing economies, rather than traditional sources such as improving resource allocation and physical capital accumulation. This paper examines traditional developing‐country labor market problems in a Uzawa–Lucas endogenous growth model. Numerical solutions show that policies which promote human capital accumulation can have significant short‐term costs, and lower overall welfare improvements, than policies that give similar productivity improvements in the physical‐capital or final‐goods sector.

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  • Peter E. Robertson, 2000. "Industrialization versus Education: Optimal Investment Choices and Growth in a Developing Economy," Review of Development Economics, Wiley Blackwell, vol. 4(2), pages 175-183, June.
    • Handle: RePEc:bla:rdevec:v:4:y:2000:i:2:p:175-183
    DOI: 10.1111/1467-9361.00086
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    Cited by:

    1. Gross, Dominique M., 2002. "Financial intermediation : a contributing factor to economic growth and employment," ILO Working Papers 993514123402676, International Labour Organization.
    2. repec:ilo:ilowps:351412 is not listed on IDEAS

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