The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Human Capital, Fertility and Growth

  • Oded Galor
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2229

Abstract

The worldwide demographic transition of the past 140 years has been identified as one of the prime forces in the transition from stagnation to growth. The unprecedented increase in population growth during the early stages of industrialization was ultimately reversed. The rise in the demand for human capital in the second phase of industrialization brought about a significant reduction in fertility rates and population growth in various regions of the world, enabling economies to convert a larger share of the fruits of factor accumulation and technological progress into growth of income per capita.

Keywords

Agricultural Revolution Child labour Child quality Consumption smoothing Credit constraints Demographic transition Economic growth Educational attainment Fertility Gender gap Growth take-offs Human capital Industrial Revolution Industrialization Infant mortality Life expectancy Mortality Old-age security hypothesis Population growth Public education Technological progress Wage differentials 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Oded Galor
    • 1
  1. 1.