This paper assumes that human capital is a composite of two types of knowledge and skills: one is accumulated by formal education in schools and the other is accumulated through working experiences in production activities. Introducing such a concept of human capital into the standard Lucas-Uzawa model of endogenous growth, we show that a higher rate of long-run growth is not necessarily associated with a higher level of education attainment.
|Publication status||Published - 2005|
ASJC Scopus subject areas
- Economics, Econometrics and Finance(all)