CEU Electronic Theses and Dissertations, 2008
| Author | Makarewicz, Tomasz Aleksander |
|---|---|
| Title | An Evolutionary Model of Human Capital and Technology Accumulation |
| Summary | In this thesis, I propose a growth model based on an evolutionary frame- work. I discuss the mainstream growth theory to conclude that typical macro- economic models are impotent to account for the historic, preindustrial growth regime or to link the economic and demographic changes that coincided during the Industrial Revolution. Based on this discussion, I propose a model, in which technology growth and human capital form a feedback system,each causing a growth of the other, through a selection of individuals with different approach towards investments in offspring. However, as the model assumes that consumption necessities increase with the human capital endowment, the ultimate equilibrium is stagnation and extinction of individuals orientated towards high human capital investments. I conclude with an empirical analysis of UK data from a period 1260-1994, which confirms that dynamics predicted by the model fit the path of the average wage and GDP per capita. |
| Supervisor | Mátyás, László |
| Department | Economics MA |
| Full text | https://www.etd.ceu.edu/2008/makarewicz_tomasz.pdf |
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