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A Microfoundation for Social Increasing Returns in Human Capital Accumulation
Abstract
This paper proposes a microfoundation for social increasing returns in human capital accumulation. The underlying mechanism is a pecuniary externality due to the interaction of ex ante investments and costly bilateral search in the labor market. It is shown that the equilibrium rate of return on the human capital of a worker is increasing in the average human capital of the workforce even though all the production functions in the economy exhibit constant returns to scale, there are no technological externalities, and all workers are competing for the same jobs.
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Citations
Cites
On the mechanics of economic development
Lucas, R. E. (1988) · Journal of Monetary Economics · doi:10.1016/0304-3932(88)90168-7 · Cited by 24,085
Cited by
Technical change, inequality, and the labor market
Acemoglu, D. (2002) · Journal of Economic Literature · doi:10.1257/jel.40.1.7 · Cited by 1,767
Identifying Agglomeration Spillovers: Evidence from Winners and Losers of Large Plant Openings
Greenstone, M., Hornbeck, R., & Moretti, E. (2010) · Journal of Political Economy · doi:10.1086/653714 · Cited by 1,138
Workers' Education, Spillovers, and Productivity: Evidence from Plant-Level Production Functions
Moretti, E. (2004) · American Economic Review · doi:10.1257/0002828041464623 · Cited by 1,079
Search-Theoretic Models of the Labor Market: A Survey
Rogerson, R., Shimer, R., & Wright, R. (2005) · Journal of Economic Literature · doi:10.1257/002205105775362014 · Cited by 1,051
Smart Cities: Quality of Life, Productivity, and the Growth Effects of Human Capital
Shapiro, J. M. (2006) · Review of Economics and Statistics · doi:10.1162/rest.88.2.324 · Cited by 1,045
Metadata
- Authors
- Acemoglu, D.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1996-08-01
- Volume
- 111
- Issue
- 3
- Pages
- 779-804
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2050655574
- Cited by
- 601
- References
- 1
- FWCI
- 24.16
- Type
- journal article
- Language
- en
- Open access
- closed
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- Acemoglu, D. (1996). A Microfoundation for Social Increasing Returns in Human Capital Accumulation. The Quarterly Journal of Economics. https://doi.org/10.2307/2946672
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
