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Human Capital, R&D and Economic Growth

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  • Sjögren, Anna

    ()
    (Dept. of Economics, Stockholm School of Economics)

Abstract

People go to school and firms do R&D. These activities result in human capital accumulation and new ideas and technologies which make economies grow. We try to capture the interaction between human capital and R&D by allowing for endogenous human capital accumulation in an economy where the number of products and technologies expands because profit maximizing entrepreneurs do R&D. We find that, in the absence of scale effects, long run growth is determined by the capacity to accumulate human capital. A relative lack of R&D capital causes the economy to grow slowly during its transition to the steady state, while a relative abundance of R&D capital gives high growth rates during transition.

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Bibliographic Info

Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 238.

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Length: 47 pages
Date of creation: 28 May 1998
Date of revision:
Handle: RePEc:hhs:hastef:0238

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Keywords: human capital; R&D; endogenous growth; scale effects; transitional dynamics;

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