Human Capital, Wealth, and Renewable Resources
This paper studies dynamic interdependence among physical capital, resource and human capital. We integrate the Solow one-sector growth, Uzawa-Lucas two-sector and some neoclassical growth models with renewable resource models. The economic system consists of the households, production sector, resou...
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| Format: | Article |
| Language: | English |
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Sprint Investify
2014-05-01
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| Series: | Expert Journal of Economics |
| Subjects: | |
| Online Access: | http://economics.expertjournals.com/wp-content/uploads/EJE_201zhang2014pp1-20.pdf |
| _version_ | 1818152022857220096 |
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| author | Wei-Bin ZHANG |
| author_facet | Wei-Bin ZHANG |
| author_sort | Wei-Bin ZHANG |
| collection | DOAJ |
| description | This paper studies dynamic interdependence among physical capital, resource and human capital. We integrate the Solow one-sector growth, Uzawa-Lucas two-sector and some neoclassical growth models with renewable resource models. The economic system consists of the households, production sector, resource sector and education sector. We take account of three ways of improving human capital: Arrow’s learning by producing (Arrow, 1962), Uzawa’s learning by education (Uzawa, 1965), and Zhang’s learning by consuming (Zhang, 2007). The model describes a dynamic interdependence among wealth accumulation, human capital accumulation, resource change, and division of labor under perfect competition. We simulate the model to demonstrate existence of equilibrium points and motion of the dynamic system. We also examine effects of changes in the productivity of the resource sector, the utilization efficiency of human capital, the propensity to receive education, and the propensity
to save upon dynamic paths of the system. |
| first_indexed | 2024-12-11T13:48:07Z |
| format | Article |
| id | doaj.art-2467a27106cf46c4b5c13a0a0ab8ec5f |
| institution | Directory Open Access Journal |
| issn | 2359-7704 |
| language | English |
| last_indexed | 2024-12-11T13:48:07Z |
| publishDate | 2014-05-01 |
| publisher | Sprint Investify |
| record_format | Article |
| series | Expert Journal of Economics |
| spelling | doaj.art-2467a27106cf46c4b5c13a0a0ab8ec5f2022-12-22T01:04:23ZengSprint InvestifyExpert Journal of Economics2359-77042014-05-0121120Human Capital, Wealth, and Renewable ResourcesWei-Bin ZHANG0Ritsumeikan Asia Pacific University, JapanThis paper studies dynamic interdependence among physical capital, resource and human capital. We integrate the Solow one-sector growth, Uzawa-Lucas two-sector and some neoclassical growth models with renewable resource models. The economic system consists of the households, production sector, resource sector and education sector. We take account of three ways of improving human capital: Arrow’s learning by producing (Arrow, 1962), Uzawa’s learning by education (Uzawa, 1965), and Zhang’s learning by consuming (Zhang, 2007). The model describes a dynamic interdependence among wealth accumulation, human capital accumulation, resource change, and division of labor under perfect competition. We simulate the model to demonstrate existence of equilibrium points and motion of the dynamic system. We also examine effects of changes in the productivity of the resource sector, the utilization efficiency of human capital, the propensity to receive education, and the propensity to save upon dynamic paths of the system.http://economics.expertjournals.com/wp-content/uploads/EJE_201zhang2014pp1-20.pdfeducationphysical capitalrenewable resourcehuman capitalpropensities to save and to learntime distribution among studywork and leisure |
| spellingShingle | Wei-Bin ZHANG Human Capital, Wealth, and Renewable Resources Expert Journal of Economics education physical capital renewable resource human capital propensities to save and to learn time distribution among study work and leisure |
| title | Human Capital, Wealth, and Renewable Resources |
| title_full | Human Capital, Wealth, and Renewable Resources |
| title_fullStr | Human Capital, Wealth, and Renewable Resources |
| title_full_unstemmed | Human Capital, Wealth, and Renewable Resources |
| title_short | Human Capital, Wealth, and Renewable Resources |
| title_sort | human capital wealth and renewable resources |
| topic | education physical capital renewable resource human capital propensities to save and to learn time distribution among study work and leisure |
| url | http://economics.expertjournals.com/wp-content/uploads/EJE_201zhang2014pp1-20.pdf |
| work_keys_str_mv | AT weibinzhang humancapitalwealthandrenewableresources |