Schooling, Risk Attitude and Growth

Bu makale tüketicilerin egitim konusunda risk almasıyla ekonomik büyüme arasında olası bir baglantının mekanizmasını vermeye çalısıyor. Okullasma oranı ya da egitim bir beseri sermayayi olusturan yatırımdır ve ekonomik ajanların risk alma konusundaki tutumlarına baglıdır. Makalenin ana bulguları sunlardır: (i) risk almama oranı arttıkça büyüme oranı azalmaktadır; (ii) sabit bir risk alma oranı en az bir duragan denge yolu oldugu anlamına geliyor; (iii) azalan bir risk almama oranı bir jenerasyon içinde büyüme oranının bir üstten bir sınırı olacagını öngörür.

Okullaşma, Risk Alma Eğilimi ve Büyüme

This paper tries to provide a mechanism between risk attitude (or simple curvature of utility function) on schooling and the economic growth path. Schooling or education is used as an example of investment that may depend on the risk attitude of economic agents. The main findings are as follows: (i) an increasing rate of risk aversion implies a decreasing rate of growth; (ii) a constant rate of risk aversion means that there exists at least one steady state growth path; and (iii) a decreasing rate of risk aversion implies that there is an upper bound on the growth rate within one generation. JEL Classification Numbers: D92; O15

PDF

___

AGHION, P. and P. HOWITT, (1992), “A Model of Growth through Creative Destruction,” Econometrica, vol. 60, no. 2, 323-351.
ARROW, K. J. (1970), Essays in the theory of Risk Bearing, Chicago: Markham. . (1962), “The Economic Implications of Learning by Doing,” Review of Economic Studies, vol. 29, 155-173.
BARRO, R. J. (1991), “Economic Growth in a Cross Section of Countries,” Quarterly Journal of Economics, vol. 106, no. 2, 407-433. and X. Sala-i-Martin, (1995), Economic Growth, McGraw-Hill, Inc.
BLANCHARD, O. and S. FISHER, (1989), Lectures on Macroeconomics, Cambridge, MA: MIT Press.Becker, G. S., K. M. Murphy, and R. Tamura, (1990), “Human Capital, Fertility, and conomic Growth,” Journal of Political Economy, vol. 98, no. 5, pt. II, S12-S37.
GROSSMAN, G. M. and E. HELPMAN, (1991), Innovation and growth in the Global Economy, Cambridge, MA: MIT Press.
LELAND, H. (1968), “Saving and Uncertainty: The Precautionary Demand for Saving,”Quarterly Journal of Economics, vol. 82, 465-473.
LUCAS, R. E. Jr. (1990), “Why Doesn’t Capital Flow from Rich to Poor Countries?”American Economic Review, vol. 80, 92-96.(1988), “On the Mechanics of Economic Development,” Journal of Monetary Economics, vol. 22, no. 1, 3-42.
MERTON, R. C. (1969), “Lifetime Portfolio Selection under Uncertainty: The Continuous Time Case,” Review of Economics and Statistics, vol. 51, 247-257.
PRATT, J. (1964), “Risk Aversion in the Small and in the Large,” Econometrica, vol. 32,122-136.
RAMSEY, F. (1928), “A Mathematical Theory of Saving,” Economic Journal, vol. 38,543-559.
REBELO, S. (1991), “Long-Run Policy Analysis and Long-Run Growth,” Journal of Political Economy, vol. 93, no. 3, 500-521.
ROMER, P. M. (1986), “Increasing Returns and Long-Run Growth,” Journal of Political Economy, vol. 94, no. 5, 1002-1037.(1990), “Endogenous Technological Change,” Journal of Political Economy, vol. 98, no. 5, pt. II, S71-S102.
SAMUELSON, P. A. (1969), “Lifetime Portfolio Selection by Dynamic Stochastic Programming,” Review of Economics and Statistics, vol. 51, 239-246.
SANDMO, A. (1970), “The Effect of Uncertainty on Saving Decision,” Review of Economic Studies, vol. 37, 353-360.
SOLOW, R. M. (1956), “A Contribution to the Theory of Economic Growth,” QuarterlyJournal of Economics, vol. 70, no. 1, 65-94.
TSSIDON, D. (1992), “A Moral Hazard to Growth,” International Economic Review, vol.33, no. 2, 299-321.