TY  - JOUR
AU  - Becker,Gary S.
AU  - Murphy,Kevin M.
AU  - Tamura,Robert F.
TI  - Human Capital, Fertility, and Economic Growth
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3414
PY  - 1990
Y2  - August 1990
UR  - http://www.nber.org/papers/w3414
L1  - http://www.nber.org/papers/w3414.pdf
N1  - Author contact info:
Gary Becker
Department of Economics
University of Chicago
1126 East 59th Street
Chicago, IL   60637
Tel: 312/702-8254
E-Mail: gbecker@uchicago.edu

Kevin M. Murphy
Booth School of Business
The University of Chicago
5807 S. Woodlawn Ave.
Chicago, IL  60637
Tel: 773/702-7280
Fax: 773/834-3554
E-Mail: murphy@chicagoBooth.edu

Robert Tamura
Department of Economics
Clemson University
Clemson, SC  29634-1309
Tel: 864-565-1242
E-Mail: rtamura@clemson.edu
M1  - published as Gary S. Becker, Kevin M. Murphy, Robert Tamura. "Human Capital, Fertility, and Economic Growth," in Gary S. Becker, "Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition)" The University of Chicago Press (1994)

AB  - Our model of growth departs from both the Malthusian and neoclassical approaches by including investments in human capital. We assume, crucially, that rates of return on human capital investments rise, rather than, decline, as the stock of human capital increases, until the stock becomes large. This arises because the education sector uses human capital note intensively than either the capital producing sector of the goods producing sector. This produces multiple steady scares: an undeveloped steady stare with little human capital, low rates of return on human capital investments and high fertility, and a developed steady stats with higher rates of return a large, and, perhaps, growing stock of human capital and low fertility. Multiple steady states mean that history and luck are critical determinants of a country's growth experience.
ER  -