Uzawa–Lucas model

The Uzawa–Lucas model is an economic model of endogenous growth developed by Robert Lucas, Jr.,[1] building upon initial contributions by Hirofumi Uzawa.[2] It extends the AK model by a two-sector setup, in which physical and human capital are produced by different technologies. The model explains long-run economic growth as consequence of human capital accumulation.

References

  1. ↑ Lucas, Robert (1988). "On the Mechanics of Economic Development". Journal of Monetary Economics. 22 (1): 3–42. doi:10.1016/0304-3932(88)90168-7.
  2. ↑ Uzawa, Hirofumi (1965). "Optimum Technical Change in An Aggregative Model of Economic Growth". International Economic Review. 6 (1): 18–31. JSTOR 2525621.

Further reading

  • Barro, Robert J.; Sala-i-Martin, Xavier (2004). "Two-Sector Models of Endogenous Growth". Economic Growth (Second ed.). Cambridge: MIT Press. pp. 239–284. ISBN 0-262-02553-1.
  • Novales, Alfonso; Fernández, Esther; Ruíz, Jesús (2009). "Endogenous Growth with Accumulation of Human Capital". Economic Growth: Theory and Numerical Solution Methods. Berlin: Springer. pp. 342–376. ISBN 978-3-540-68665-1.
  • Turnovsky, Stephen J. (2000). Methods of Macroeconomic Dynamics (Second ed.). Cambridge: MIT Press. pp. 502–514. ISBN 0-262-20123-2.


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