Endogenous lifetime and economic growth

• 成果类型: Article
• 署名作者: Chakraborty, S
• 署名单位: University of Oregon
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2003.07.005
• 发表日期: 2004
• 页码: 119-137
• 关键词: health; life expectancy; mortality; GROWTH; human capital

摘要

Endogenous mortality is introduced in a two-period overlapping generations model: probability of surviving from the first period to the next depends upon health capital that is augmented through public investment. High mortality societies do not grow fast since shorter lifespans discourage savings; development traps are possible. Productivity differences across nations result in persistent differences in capital-output ratios and relatively larger gaps in income and mortality. High mortality also reduces returns on education, where risks are undiversifiable. When human capital drives economic growth, countries differing in health capital do not converge to similar living standards, 'threshold effects' may also result. (C) 2003 Elsevier Inc. All rights reserved.