High-Tech Human Capital: Do The Richest Countries Invest the Most? (working-paper)
AbstractResearch and Development (R&D) endogenous growth models predict and most evidence show that investment in R&D increases with economic development. We consider the type of human capital mainly used in research labs and 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 other explanatory variables, cross-time error correlations, heteroskedasticity and endogeneity bias. Thus, we establish a stylized fact (about human capital composition) that is a puzzle to economic theory: the ratio of high-tech to low-tech human capital presents an inverted U-shaped relationship with GDP per capita.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0309020.
Length: 14 pages
Date of creation: 30 Sep 2003
Date of revision: 04 Oct 2003
Note: Type of Document - pdf; prepared on IBM PC - PC-TEX; to print on HP/PostScript/Franciscan monk; pages: 14 ; figures: included. An improved article with this title has been published in "Topics in Macroeconomics", http://www.bepress.com/bejm/topics/vol3/iss1/art13
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Human Capital Composition; High-Tech Human Capital; R&D; Development;
Find related papers by JEL classification:
- 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
This paper has been announced in the following NEP Reports:
- NEP-DEV-2003-10-05 (Development)
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