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Human capital and economic development

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  • Human capital and economic development
  • Kim, Gyu Han
  • The Korean Economy Association


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Title Human capital and economic development
Similar Titles
Material Type Reports
Author(English)

Kim, Gyu Han

Publisher

[Seoul]:The Korean Economy Association

Date 1992
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Social Development < Employment
Holding The Korean Economy Association

Abstract

This paper examines the role of education in the course of economic development by incorporating human capital formation in the traditional trade model. Skilled labor and unskilled labor are considered as distinct factors of production and an education sector is introduced which produces skilled labor. The possibility of two equilibria is explored in a two sector-two factor trade model when there exists a factor intensity reversal and the education sector shows increasing returns to scale. This provides a possible explanation of the contrasting economic development of the countries like Korea and Japan and the Latin American countries.