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Human Capital, Product Quality, and Growth

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  • Nancy L. Stokey

Abstract

A model of growth is developed in which finite-lived individuals invest in human capital, investments have a positive external effect on the human capital of later cohorts, and labor with more human capital produces higher-quality goods. Stationary growth paths are analyzed, paths along which human capital and the quality of goods grow at a common, constant rate. It is also shown that if a small open economy is either very advanced or very backward relative to the rest of the world, then its rate of investment in human capital is lower under free trade than under autarky.

Suggested Citation

  • Nancy L. Stokey, 1991. "Human Capital, Product Quality, and Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 587-616.
    • Handle: RePEc:oup:qjecon:v:106:y:1991:i:2:p:587-616.
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    File URL: http://hdl.handle.net/10.2307/2937948
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