Chapter

Technical progress as a Conscious Economic Activity-I: Human Capital Formation

Dipankar Dasgupta

in Modern Growth Theory

Published in print November 2010 | ISBN: 9780198069966
Published online October 2012 | e-ISBN: 9780199080458 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198069966.003.0004
Technical progress as a Conscious Economic Activity-I: Human Capital Formation

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This chapter describes models that recognize technical progress as a conscious economic activity. It examines labour skills acquired through the use of resources diverted away from the production of consumption or physical capital goods. Acquisition of novel skills by individuals constitutes an awakening of dormant abilities and should be considered as self-discovery in which unskilled manpower is transformed to a skilled work force or human capital. An important question to consider is whether there are technological limits to technical progress itself. This chapter looks at models capable of recognizing finite bounds on the rate of technical progress. Finally, it discusses balanced growth in two-sector economies as well as private economy versus command economy.

Keywords: technical progress; labour skills; human capital; balanced growth; economic activity; two-sector economies; private economy; command economy

Chapter.  10906 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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