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A synthesis of the Uzawa-Lucas model with the Walrasian-General-Equilibrium and Neoclassical-Growth theories
2013
Ekonomski Anali
This paper proposes a dynamic economic model of wealth accumulation and human capital accumulation with endogenous education. It is an extension of the Uzawa-Lucas model of a heterogeneous household economy with multiple ways of human capital accumulation. In addition to learning by education in the Uzawa-Lucas model (Uzawa, 1965; Lucas, 1988) , we also consider Arrow's 'learning by producing' (Arrow, 1962) and Zhang's 'learning by consuming ' (creative learning, Zhang, 2007) in the human
doi:10.2298/eka1399007z
fatcat:avksi5ksqnchdi5mrqkwbpi5im