Abstract
In the current chapter, we present a growth model in which individuals may invest in human capital, i.e. in skills, and physical capital, i.e. in firms: whereas schooling leads to skill differentiation, investment in physical capital leads to product differentiation [cf. figure 12.1]. Hence, our model deviates from human capital growth models that stand in the tradition of Uzawa (1965) and Lucas (1988) in its comprehensive representation of imperfect competition: both the labor market and the intermediates market are imperfectly competitive.
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© 2002 Springer-Verlag Berlin Heidelberg
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Hornung, D. (2002). Skilled Workers: Schooling and Specialization. In: Investment, R&D, and Long-Run Growth. Lecture Notes in Economics and Mathematical Systems, vol 509. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-51718-1_13
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DOI: https://doi.org/10.1007/978-3-642-51718-1_13
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-42528-1
Online ISBN: 978-3-642-51718-1
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