TITLE:
Growth Theory and Endogenous Human Capital Development: A Contribution to the Theory of Complex Systems
AUTHORS:
Andreas Liening
KEYWORDS:
Bifurcation; Chaos Theory; Complexity Sciences; Endogenous Growth Theory; Human Capital
JOURNAL NAME:
Theoretical Economics Letters,
Vol.3 No.2,
April
30,
2013
ABSTRACT: As economic phenomena become increasingly
complex, the demands on models to reflect this complexity also increase.
Economic growth, for example, which depends on a variety of factors, is such a
complex phenomenon. Especially the relevance of human capital development for
modern service societies is a significant growth factor. This is, however, considered
only in few discussions. In order to represent such complex phenomena, adequate models are needed that go beyond linear approaches. This
paper points out that models from the dynamic system theories are well suited
to illustrate human capital as a factor of economic growth.