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Human Capital Formation and Patterns of Growth with Multiple Equilibria

In: Human Capital, Trade and Public Policy in Rapidly Growing Economies

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  • Kazuo Mino

Abstract

Human Capital, Trade and Public Policy in Rapidly Growing Economies argues that only two centuries ago, no society had ever enjoyed sustained growth in living standards. The contributors to this book aim to discover why the world today exhibits a predilection for perpetual self-improvement. In particular, the book focuses on the forces underlying long-lasting growth in East Asia’s Newly Industrialized Countries (NICs). Drawing from the experiences of Hong Kong, South Korea, Singapore and Taiwan, it questions whether public policy can contribute to removing barriers towards accumulation of wealth, and if so, what development policy should be put in place to remedy the existing distortions or market failure problems.

Suggested Citation

  • Kazuo Mino, 2004. "Human Capital Formation and Patterns of Growth with Multiple Equilibria," Chapters, in: Michele Boldrin & Been-Lon Chen & Ping Wang (ed.), Human Capital, Trade and Public Policy in Rapidly Growing Economies, chapter 3, pages 42-64, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3470_3
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Bennett, Rosalind L. & Farmer, Roger E. A., 2000. "Indeterminacy with Non-separable Utility," Journal of Economic Theory, Elsevier, vol. 93(1), pages 118-143, July.
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    5. Antonio Ladrón-de-Guevara & Salvador Ortigueira & Manuel S. Santos, 1999. "A Two-Sector Model of Endogenous Growth with Leisure," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(3), pages 609-631.
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    10. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    12. Jess Benhabib & Qinglai Meng & Kazuo Nishimura, 2000. "Indeterminacy under Constant Returns to Scale in Multisector Economies," Econometrica, Econometric Society, vol. 68(6), pages 1541-1548, November.
    13. Mino, Kazuo, 2001. "Indeterminacy and Endogenous Growth with Social Constant Returns," Journal of Economic Theory, Elsevier, vol. 97(1), pages 203-222, March.
    14. Mino, Kazuo, 1999. "Non-separable utility function and indeterminacy of equilibrium in a model with human capital," Economics Letters, Elsevier, vol. 62(3), pages 311-317, March.
    15. Benhabib, Jess & Farmer, Roger E.A., 1999. "Indeterminacy and sunspots in macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 6, pages 387-448, Elsevier.
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    Cited by:

    1. Angelo Antoci & Marcello Galeotti & Paolo Russu, 2014. "Global analysis and indeterminacy in a two-sector growth model with human capital," International Journal of Economic Theory, The International Society for Economic Theory, vol. 10(4), pages 313-338, December.
    2. Danyang Xie, 2002. "Explicit Transitional Dynamics in Growth Models," GE, Growth, Math methods 0207003, University Library of Munich, Germany.
    3. Mino, Kazuo, 2002. "Indeterminacy in Two-Sector Models of Endogenous Growth with Leisure," MPRA Paper 16994, University Library of Munich, Germany.
    4. Hobara , Nobuhiro & Kuwahara, Shiro, 2023. "An Economic Growth Model with Education and Industriousness," Journal of Economic Development, The Economic Research Institute, Chung-Ang University, vol. 48(1), pages 35-57, March.

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    More about this item

    Keywords

    Asian Studies; Development Studies; Economics and Finance; Politics and Public Policy;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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