LLLight'in'Europe: Growth Learning

Output elasticity of capital:
(from 0.2 to 0.8)

Output elasticity of capital measures the fraction of total income that is attributed to physical capital.

Learning rate (%):
(from 0 to 10%)

The rate at which individuals increase skills.

Capital depreciation rate (%):
(from 0 to 10%)

The rate of wear and tear of physical capital.

Average age:
(from 20 to 40)

Average age of all workers in years.

Technological growth rate (%):
(from 0 to 3%)

Rate of growth of general technology.

Population growth rate (%):
(from 0 to 3%)

Rate of increase of population.

Saving ratio:
(from 0.1 to 0.4)

The fraction of output allocated to increasing the stock of physical capital.

Learning potential:
(from 0.5 to 0.95)

The ratio of current human capital stock to maximum.

Capital output ratio:
(from 1.5 to 4)

The ratio of physical capital to output.

Growth rate of job complexity (%):
(from 0 to 5%)

The rate of increase of average complexity of all jobs in the economy, which determines learning potential.

Growth rate of average age (%):
(from 0 to 5%)

The rate of population aging.

Starting skill:
(from 0 to 0.25)

The fraction of human capital that young workers have when they enter the labor market.

GDP growth rate:
%

GDP per capital growth rate:
%

Human capital growth rate:
%

Economic growth and lifelong learning simulation tool