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Growth Theory and Endogenous Human Capital Development: A Contribution to the Theory of Complex Systems
Faculty of Economics, Business Administration and Social Sciences, University of Dortmund, Dortmund, Germany
- 1 Faculty of Economics, Business Administration and Social Sciences, University of Dortmund, Dortmund, Germany
Theoretical Economics Letters·Volume 03 (2013)·Pages 96–104·Published 29 April 2013·DOI10.4236/tel.2013.32016
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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.
KeywordsBifurcationChaos TheoryComplexity SciencesEndogenous Growth TheoryHuman Capital
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