NBER

Yun Pei

Department of Economics
University at Buffalo, SUNY
Buffalo, NY 14260
Tel: 716-645-8659
Fax: 716-645-2127

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: University at Buffalo, SUNY

NBER Working Papers and Publications

February 2020Human Capital as Engine of Growth – The Role of Knowledge Transfers in Promoting Balanced Growth Within and Across Countries
with Isaac Ehrlich: w26810
Unlike physical capital, human capital has both embodied and disembodied dimensions. It can be perceived of as skill and acquired knowledge, but also as knowledge spillover effects between overlapping generations and across different skill groups within and across countries. We illustrate the roles these characteristics play in the process of economic development; the relation between income growth and income and fertility distributions; and the relevance of human capital in determining the skill distribution of immigrants in a balanced-growth global equilibrium setting. In all three illustrations, knowledge spillover effects play a key role. The analysis offers new insights for understanding the decline in fertility below population replacement rate in many developed countries; the evolut...

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