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When Romer meets Lucas: On human capital, imperfect competition and growth

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  • Alberto Bucci

Abstract

This paper studies the economic determinants of the inter-sectoral allocation of skills within an R&Dbased growth model with human capital accumulation. I find that steady-state growth is driven only by incentives to accumulate skills and is independent of scale effects. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the equilibrium output growth rate and the market power enjoyed by producers of technologically advanced goods.

Suggested Citation

  • Alberto Bucci, 2002. "When Romer meets Lucas: On human capital, imperfect competition and growth," Departmental Working Papers 2002-06, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    • Handle: RePEc:mil:wpdepa:2002-06
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    File URL: http://wp.demm.unimi.it/files/wp/2002/DEMM-2002_006wp.pdf
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    Cited by:

    1. Alberto Bucci, 2005. "Human capital, product market power and economic growth," Chapters, in: Neri Salvadori & Renato Balducci (ed.), Innovation, Unemployment and Policy in the Theories of Growth and Distribution, chapter 1, Edward Elgar Publishing.
    2. Alberto BUCCI, 2002. "Market Power, Human Capital and Growth," LIDAM Discussion Papers IRES 2002012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).

    More about this item

    Keywords

    Endogenous Growth; Human Capital; R&D;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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