Specific and General Human Capital in an Endogenous Growth Model

In this article, we define specific (general) human capital in terms of the occupations whose use is spread in a limited (wide) set of industries. We analyze the growth impact of an economy's composition of specific and general human capital, in a model where education and research and developm...

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Bibliographic Details
Published in:Eastern European economics 2015, Vol.53 (3), p.167-204
Main Authors: Jerbashian, Vahagn, Slobodyan, Sergey, Vourvachaki, Evangelia
Format: Article
Language:English
Subjects:
Creixement econòmic
Czech Republic
Economic growth
Economic theory
Education
Education policy
Educational policy
Growth models
Human capital
human capital types
Industry
Markets
Occupations
Política educativa
Recursos humans
Research and development
Studies
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Summary:In this article, we define specific (general) human capital in terms of the occupations whose use is spread in a limited (wide) set of industries. We analyze the growth impact of an economy's composition of specific and general human capital, in a model where education and research and development are costly and complementary activities. The model suggests that a declining share of specific human capital, as observed in the Czech Republic, can be associated with a lower rate of long-term growth. We also discuss optimal educational policies in the presence of market frictions.
ISSN:0012-8775
1557-9298
DOI:10.1080/00128775.2015.1033263