High-Tech Human Capital: Do the Richest Countries Invest the Most?
AbstractIn this paper we show that the richest countries are investing proportionally less than middle income countries in engineering and technical human capital. We generalize this result, controlling for country-specific effects, cross-time error correlations, heteroskedasticity, the presence of outliers and the introduction of other explanatory variables. Thus, we establish an unexpected stylized fact (about human capital composition): the proportion of high-tech human capital in tertiary education presents an inverted U-shaped relationship with GDP per capita. This is interesting because Research and Development (R&D) endogenous growth models predict and most evidence show that investment in R&D increases with economic development.
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Bibliographic InfoArticle provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.
Volume (Year): 3 (2003)
Issue (Month): 1 (September)
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Web page: http://www.degruyter.com
Other versions of this item:
- Sequeira, Tiago Neves, 2003. "High-tech human capital: Do the richest countries invest the most?," FEUNL Working Paper Series wp430, Universidade Nova de Lisboa, Faculdade de Economia.
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
- O50 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - General
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