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Endogenous fertility and human capital in a Schumpeterian growth model
Journal
Journal of Population Economics
ISSN
0933-1433
ISSN-Digital
1432-1475
Type
journal article
Date Issued
2013-01-11
Author(s)
Abstract
This study develops a scale-invariant Schumpeterian growth model with endogenous fertility and human capital accumulation. The model features two engines of long-run economic growth: R&D-based innovation and human capital accumulation. One novelty of this study is endogenous fertility, which negatively affects the growth rate of human capital. Given this growth-theoretic framework, we characterize the dynamics of the model and derive comparative statics of the equilibrium growth rates with respect to structural parameters. As for policy implications, we analyze how patent policy affects economic growth through technological progress, human capital accumulation, and endogenous fertility. In summary, we find that strengthening patent protection has (a) a positive effect on technological progress, (b) a negative effect on human capital accumulation through a higher rate of fertility, and (c) an ambiguous overall effect on economic growth.
Language
English
Keywords
Economic growth
endogenous fertility
patent policy
HSG Classification
contribution to scientific community
HSG Profile Area
SEPS - Economic Policy
Refereed
Yes
Publisher
Springer Science
Publisher place
Berlin Heidelberg
Volume
26
Number
1
Start page
181
End page
202
Pages
22
Subject(s)
Division(s)
Eprints ID
222044