Mateljevic M.   Albijanic M.  

Mathematic model of economic growth: influence of human capital and technology

Докладчик: Albijanic M.

      Robert Solow, winner of Nobel Price, has created model of economic growth. In addition, winner ` s of Nobel Price, Lucas and Phelps have shown how investments into human capital and technologies contribute to economic growth. Mankiw, Romer and Weil emphasize that different levels of human capital, as to differences in education between countries are partially responsible for difference in GDP in those countries.

      This Study clarifies mathematical model and role of human capital and technology. Higher savings rate leads to higher income, which in turn leads to higher level of technology and human capital. Thus saving raises the total factor productivity.  With Lucas `s optimal choice between work and education, we obtain additional factor of human capital. Even stronger conclusion follows upon considering the generations overlapping. If previous generations had insufficient investment in education, the current generation is discouraged to invest in education and new skills, and this situation does not positively reflect on economic growth.


Acemoglu, Daron, 2009, Introduction to Modern Economic Growth, Princeton University Press, Princeton and Oxsford.

Aghion Philippe, Peter Howit, 2009, The Economics of Growth, The MIP Press, Cambridge, Massachusetts, London.

Barro Robert J. and Xavier Sala-i-Martin, 2004, Economic Growth, The MIT Press, Cambridge, Massachusetts, London.

Mankiw Gregori N, David Romer and David N. Weil, 1992, A Contribution to The Empirics of Economic Growth, The Quarterly Journal of Economics, Vol. 107, No. 2.

Solow, Robert M, „A Contribution to the Theory of Economic Growth“ Quarterly Journal of Economics, Vol. 70 (1) 1956, 65–94.

Lucas (1988) model, Human capital accumulation, Internet adresa: http://home.cerge-ei.cz/evav/fi les/LNweek4.pdf

Phelps, Edmund, 2006, Contributions to Macroeconomics, Internet adresa: http://nobelprize.org/nobel_prizes/economics/laureates/2006/ecoadv06.pdf

Файл тезисов: prijava MIT(1).doc

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