Lecture 5 22

Lecture 5 22 - human capital employed in the reproduction...

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Lucas Two-Sector Growth Model At the Steady state: Per-capita variables grow at the rate of λ (1-u) Growth is now endogenous – the steady state growth rate depends on the fraction of
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Unformatted text preview: human capital employed in the reproduction of human capital sector (1-u). ) 1 ( ) / ( ~ ~ u h h y y h y h L Y hL Y H Y y y y − = Δ = Δ ⇒ = = = = = Δ λ...
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This note was uploaded on 04/03/2011 for the course ECON 2021 taught by Professor Mok during the Spring '11 term at HKU.

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