Munich Personal RePEc Archive

Efectos de la inversión en capital Humano en un contexto de equilibrio General

Joab Dan, Valdivia Coria and Daney David, Valdivia Coria (2019): Efectos de la inversión en capital Humano en un contexto de equilibrio General.

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Abstract

Investment in education is important, since it affects people's labor productivity and their remuneration. In this sense, the following work will develop a General Equilibrium Model that incorporates the theory of economic growth, in line with Paul Romer (1986), suggested the presence of externalities in research and development spending; and in turn Robert Lucas (1988) who focused his analysis of externalities on the formation of human capital. The research includes an analysis period between 1996 - 2017. The results indicate that shocks in investment of human capital have expansionary effects on real wages 0.03%, as well as the decreasing returns on wages due to increases in education as proposed by Mincer (1985). On the other hand, we evidenced that increases in wages have positive effects on economic growth in the short term of 0.02% (from the third period) but the persistence is null in the impulse response functions.

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