Human capital, R&D, and competition in macroeconomic analysis
AbstractLong-run per capita economic growth is driven by productivity growth. Major determinants of productivity are investments in education and research, and the intensity of competition on product markets. While these ideas have been incorporated into modern growth theories and tested in empirical analyses, they have not yet found their way to applied macroeconomic models used to forecast economic developments. In this paper, we discuss various options to include human capital, R&D, and product market competition in a macroeconomic framework. We also study how policy can affect the decisions to build human capital or to perform research, and how competition policy impacts on macroeconomic outcomes. We finally sketch how these mechanisms can be implemented into the large models used at CPB. See also background CPB Memorandum 122 , " Why should governments intervene in education, and how effective is education policy?".
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Bibliographic InfoPaper provided by CPB Netherlands Bureau for Economic Policy Analysis in its series CPB Document with number 91.
Date of creation: Jul 2005
Date of revision:
Find related papers by JEL classification:
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-02-12 (All new papers)
- NEP-DEV-2006-02-12 (Development)
- NEP-EDU-2006-02-12 (Education)
- NEP-HRM-2006-02-12 (Human Capital & Human Resource Management)
- NEP-MAC-2006-02-12 (Macroeconomics)
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