Health Human Capital, Economic Growth and Poverty Trap
Based on Fogel＇ s research, this paper studies the relationship between capital accumulation and consumption and discusses the effect of health on economic growth in an extended Ramsey model with assumption that consumption not only bringing agents＇ utility but increasing agents＇ health. The paper has two important features： 1 ） treading health as a simple function of consumption, which allows us to study health and growth in an aggregate macroeconomic model; 2） the existence of multiple equilibria of capital stock, health, and consumption, which is highly relevant to the reality-rich countries may end up with higher capital, better health, and higher consumption than poor countries.
Health Human CapitalConsumptionEconomic GrowthPoverty Trap
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万方数据
维普
