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Externalities and Dynamics in Models of "Learning or Doing"

Christophe Chamley
International Economic Review
Vol. 34, No. 3 (Aug., 1993), pp. 583-609
DOI: 10.2307/2527183
Stable URL: http://www.jstor.org/stable/2527183
Page Count: 27
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Externalities and Dynamics in Models of "Learning or Doing"
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Abstract

This paper analyzes the dynamics of general equilibrium models with externalities in human capital accumulation which extends that of Uzawa-Lucas. Multiple balanced growth paths, with different growth rates, and a continuum of equilibria (with a unique balanced growth path) may exist. In general, endowment shocks can be followed by higher or lower growth rates. A simple necessary and sufficient condition which depends only on the physical production technology, is established for a positive impact of physical capital on productivity growth. Under the same condition, a sudden removal of capital income taxation lowers welfare.

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