The Uzawa-Lucas Endogenous Growth Model
Publisher: Ashgate Publishing
Published: September 30, 2004
Language: eng
Format: Hardcover
Number of pages: 155
ISBN-13: 9780754636243
Subjects: Economic theory & philosophy; Business & Economics; Business / Economics / Finance; Business/Economics; Development - Economic Development; Development - Business Development; Economic development; Endogenous growth (Economics); Mathematical models
First sentence: This Chapter starts by describing the Uzawa-Lucas capital accumulation growth model (ULM henceforth) in its formal structure.
Description: "Using state of the art mathematical techniques this book provides a complete characterization of the Uzawa-Lucas growth model. In his path-breaking contribution on the 'Mechanics of Economic Growth' Lucas suggested that human capital is the key variable through which technical change is most likely to occur and (by taking some initial intuitions of Uzawa a step further) proposed a two-sector capital accumulation growth model where human capital is allowed to enter a neo-classical-style production structure in multiplicative terms. In this book Paolo Mattana fully explores the dynamic possibilities of the model from both the market and the centralized perspective. A critical evaluation of the inefficiency in the market economy is also provided."--Jacket.