On the Mechanics of Economic Development

40 Pages Posted: 19 Jun 2004

See all articles by Robert E. Lucas

Robert E. Lucas

University of Chicago - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: May 1989

Abstract

This paper considers the prospects for constructing a neoclassical theory of growth and international trade that is consistent with some of the main features of economic development. Three models are considered and compared to evidence: a model emphasizing physical capital accumulation and technological change, a model emphasizing human capital accumulation through schooling, and a model emphasizing specialized human capital accumulation through learning-by-doing.

Suggested Citation

Lucas, Robert E., On the Mechanics of Economic Development (May 1989). Available at SSRN: https://ssrn.com/abstract=227120

Robert E. Lucas (Contact Author)

University of Chicago - Department of Economics ( email )

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National Bureau of Economic Research (NBER)

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