Vintage Human Capital, Growth, and the Diffusion of New Technology

1991/12/01 by V. V. Chari, Hugo Hopenhayn, Hugo A. Hopenhayn · 377 citations
Chemistry · Economics, Econometrics and Finance · Mathematics · #Capital (architecture) #Chemistry #Computer science #Diffusion #Distribution (mathematics) #Econometrics #Economic Growth and Productivity #Economic theories and models #Economics #Firm Innovation and Growth #Human capital #Lag #Macroeconomics #Market economy #Mathematics #Technological change #Thermodynamics #Vintage

paper · doi:10.1086/261795

published in Journal of Political Economy 99(6), 1142-1165 (University of Chicago Press)

openalex publication_date 1991/12/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/30

Abstract

We develop a model of vintage human capital in which each technology requires vintage-specific skills. We examine the properties of a stationary equilibrium for our economy. The stationary equilibrium is characterized by an endogenous distribution of skilled workers across vintages. The distribution is shown to be single-peaked. Under general conditions, there is a lag between the appearance of a technology and its peak usage, a phenomenon known as diffusion. An increase in the rate of exogenous technological change shifts the distribution of human capital to more recent vintages, thereby increasing the diffusion rate.

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