Theoretical and Applied Economics
No. 1 / 2015 (602), Spring
Land value dynamics with endogenous human and physical capital accumulation
Ritsumeikan Asia Pacific University, Japan
Abstract. This study builds a three-sector growth model with endogenous physical and human wealth accumulation. It deals with dynamic interactions among land value, economic structural change, wealth accumulation and human capital growth. The economy consists of industrial, agricultural and education sectors. The model is based on the neoclassical growth theory, the Ricardian theory, and the Uzawa-Lucas model with Zhang’s utility function. The human capital accumulation is through Arrow’s learning by doing, Uzawa’s learning through education, and Zhang’s learning through consuming (leisure creativity). By simulation, we demonstrate that the economic system has a unique stable steady state. Comparative dynamic analysis is conducted with regard to changes in the propensity to receive education, the propensity to consume housing, the propensity to consume industrial goods, the propensity to consume agricultural goods, the propensity to save, and the output elasticity of land of the agricultural sector.
Contents
The credit impact on the economic growth
Predicting balance of payments crises for some emerging economies
Creativity and innovation – Sources of competitive advantage in the value chain of tourism enterprises
How to escape the middle income trap: international evidence from a binary dependent variable model
Land value dynamics with endogenous human and physical capital accumulation
Environmental Kuznets curve. Evidence from Romania
Effects of economic crisis on the distribution of earnings from Romania
An approach of social policy in terms of macro-stabilisation function
Economy recovery risks which Romanian companies has to cope with
The measurement of fiscal behavior in some European countries: Panel data perspective
Romanian municipal bond market at Bucharest Stock Exchange: further investigations
Inequality and economic growth: theoretical and operational approach
Measuring financial development in India: A PCA approach
Welfare costs due to economic fluctuations according to different model setups
The role of rating agencies in international financial market
Socioeconomic development index ranking calculations of cities with fuzzy clustering method: case of Turkey
Fiscal transparency in the European Union
Epistemic transfers in economics from social sciences
Accelerating the development of learning organizations: Shifting paradigms from current practice to human performance improvement
Transferring business intelligence and big data analysis from corporations to governments as a hybrid leading indicator
The impact of cultural and educational accumulations on entrepreneurial behaviour. Main issues encountered in theoretical approaches
Models for evaluating financial crisis – what went wrong for developed and emerging economies?
Impact of financial crisis on the decision making process for insurance consumers
Beyond the implementation of a dynamic stochastic general equilibrium model
How the legislation influenced the M&A transactions in Romania