University of Belgrade, Faculty of Agriculture
Human capital affects national economic growth.
The basic aim of this paper are : firstly, to set up a chaotic economic growth model and secondly, to explain relation between human capital and economic growth.
This model is capable of generating stable equilibrium, cycles, or chaos. A key hypothesis of this paper work is based on the idea that the marginal human capital coefficient, an autonomous investment rate of growth and saving rate play a crucial role in explaining local stability of the gross domestic product.
Key words: Human capital, Economic growth, Investment, Saving