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Theoretical and Applied Economics
No. 1 / 2015 (602), Spring

Land value dynamics with endogenous human and physical capital accumulation

Wei-Bin ZHANG
Ritsumeikan Asia Pacific University, Japan

Abstract. This study builds a three-sector growth model with endogenous physical and human wealth accumulation. It deals with dynamic interactions among land value, economic structural change, wealth accumulation and human capital growth. The economy consists of industrial, agricultural and education sectors. The model is based on the neoclassical growth theory, the Ricardian theory, and the Uzawa-Lucas model with Zhang’s utility function. The human capital accumulation is through Arrow’s learning by doing, Uzawa’s learning through education, and Zhang’s learning through consuming (leisure creativity). By simulation, we demonstrate that the economic system has a unique stable steady state. Comparative dynamic analysis is conducted with regard to changes in the propensity to receive education, the propensity to consume housing, the propensity to consume industrial goods, the propensity to consume agricultural goods, the propensity to save, and the output elasticity of land of the agricultural sector.

Keywords: land value and rent, education and human capital, wealth accumulation, economic structure.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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