On human capital accumulation in times of epidemic

Stefano Bosi (), Carmen Camacho () and David Desmarchelier ()
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Stefano Bosi: EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay
Carmen Camacho: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
David Desmarchelier: BETA - Bureau d'Économie Théorique et Appliquée - AgroParisTech - UNISTRA - Université de Strasbourg - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: Can a policy-independent epidemic dynamics change agents' optimal consumption-investment decisions and by so much so that an economy based on human capital and labor à la Lucas (1988) would reach a steady state and stagnate instead of thriving and reaching a Balanced Growth Path? We prove here that, under strictly decreasing returns on human capital, the economy will optimally reach a steady state in levels. Conversely, under constant returns, the economy will experience a balanced growth either from the beginning if preferences are logarithmic, or asymptotically otherwise.

Keywords: SIS model; Human capital (search for similar items in EconPapers)
Date: 2023-07
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-04164371
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