Optimal Public Investments In Education And Endogenous Growth
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Public Infrastructure and Growth
Author | : Pierre-Richard Agénor |
Publisher | : World Bank Publications |
Total Pages | : 59 |
Release | : 2006 |
Genre | : Children |
ISBN | : |
Abstract: This paper provides an overview of the various channels through which public infrastructure may affect growth. In addition to the conventional productivity, complementarity, and crowding-out effects typically emphasized in the literature, the impact of infrastructure on investment adjustment costs, the durability of private capital, and the production of health and education services are also highlighted. Effects on health and education are well documented in a number of microeconomic studies, but macroeconomists have only recently begun to study their implications for growth. Links between health, infrastructure, and growth are illustrated in an endogenous growth model with transitional dynamics, and the optimal allocation of public expenditure is discussed. The concluding section draws implications of the analysis for the design of strategies aimed at promoting growth and reducing poverty.
Schooling and Public Capital in a Model of Endogenous Growth
Author | : Pierre-Richard Agnor |
Publisher | : |
Total Pages | : 0 |
Release | : 2011 |
Genre | : |
ISBN | : |
This paper studies the allocation of public spending between education services and infrastructure investment in an endogenous growth model of a developing economy where public capital in infrastructure affects human capital accumulation. The balanced growth path is derived and the possibility of local indeterminacy is discussed. Dynamics associated with a budget-neutral reallocation of spending from education to infrastructure are studied through numerical simulations. The growth-maximizing share of investment in infrastructure is shown to depend on the goods production technology and the productiveness of infrastructure in the schooling technology. Properties of the welfare-maximizing solution are also discussed.
The Forces of Economic Growth
Author | : Alfred Greiner |
Publisher | : Princeton University Press |
Total Pages | : 203 |
Release | : 2016-06-28 |
Genre | : Business & Economics |
ISBN | : 0691170967 |
In economics, the emergence of New Growth Theory in recent decades has directed attention to an old and important problem: what are the forces of economic growth and how can public policy enhance them? This book examines major forces of growth--including spillover effects and externalities, education and formation of human capital, knowledge creation through deliberate research efforts, and public infrastructure investment. Unique in emphasizing the importance of different forces for particular stages of development, it offers wide-ranging policy implications in the process. The authors critically examine recently developed endogenous growth models, study the dynamic implications of modified models, and test the models empirically with modern time series methods that avoid the perils of heterogeneity in cross-country studies. Their empirical analyses, undertaken with newly constructed time series data for the United States and some core countries of the Euro zone, show that models containing scale effects, such as the R&D model and the human capital model, are compatible with time series evidence only after considerable modifications and nonlinearities are introduced. They also explore the relationship between growth and inequality, with particular focus on technological change and income disparity. The Forces of Economic Growth represents a comprehensive and up-to-date empirical time series perspective on the New Growth Theory.
Human Capital and Economic Growth
Author | : Alberto Bucci |
Publisher | : Springer Nature |
Total Pages | : 384 |
Release | : 2019-11-26 |
Genre | : Business & Economics |
ISBN | : 3030215997 |
This edited collection explores the links between human capital (both in the form of health and in the form of education), demographic change, and economic growth. Using empirical as well as theoretical perspectives, the authors investigate several important issues in the context of human capital, namely population ageing, inequality, public policy, and long-term economic development. Ultimately, they demonstrate that the accumulation of human capital is of crucial importance to long-run economic growth.
Long-run Growth, Social Institutions and Living Standards
Author | : Neri Salvadori |
Publisher | : Edward Elgar Publishing |
Total Pages | : 396 |
Release | : 2014-05-14 |
Genre | : Business & Economics |
ISBN | : 1781007764 |
This engaging book contains a set of original contributions to the much-debated issues of long-run economic growth in relation to institutional and social progress. It explores the mutual relationships between living standards, social habits, education an
The Economics of Screening and Risk Sharing in Higher Education
Author | : Bernhard Eckwert |
Publisher | : Academic Press |
Total Pages | : 190 |
Release | : 2015-05-14 |
Genre | : Business & Economics |
ISBN | : 0128031913 |
The Economics of Screening and Risk Sharing in Higher Education explores advances in information technologies and in statistical and social sciences that have significantly improved the reliability of techniques for screening large populations. These advances are important for higher education worldwide because they affect many of the mechanisms commonly used for rationing the available supply of educational services. Using a single framework to study several independent questions, the authors provide a comprehensive theory in an empirically-driven field. Their answers to questions about funding structures for investments in higher education, students’ attitudes towards risk, and the availability of arrangements for sharing individual talent risks are important for understanding the theoretical underpinnings of information and uncertainty on human capital formation. Investigates conditions under which better screening leads to desirable outcomes such as higher human capital accumulation, less income inequality, and higher economic well-being. Questions how the role of screening relates to the funding structure for investments in higher education and to the availability of risk sharing arrangements for individual talent risks. Reveals government policies that are suited for controlling or counteracting detrimental side effects along the growth path.
Public Capital, Growth and Welfare
Author | : Pierre-Richard Agénor |
Publisher | : Princeton University Press |
Total Pages | : 264 |
Release | : 2013 |
Genre | : Business & Economics |
ISBN | : 0691155801 |
Laying a solid foundation of economic facts and ideas, this book provides a comprehensive look at the critical role of public capital in development.