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High-Tech Human Capital: Do The Richest Countries Invest the Most? (working-paper)

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  • Tiago Neves Sequeira

    (Departamento de Gestão e Economia - Universidade da Beira Interior & Faculdade de Economia - Universidade Nova de Lisboa)

Abstract

Research 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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File URL: http://128.118.178.162/eps/mac/papers/0309/0309020.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0309020.

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Length: 14 pages
Date of creation: 30 Sep 2003
Date of revision: 04 Oct 2003
Handle: RePEc:wpa:wuwpma:0309020

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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Related research

Keywords: Human Capital Composition; High-Tech Human Capital; R&D; Development;

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  1. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 503-30, May.
  2. Funke, Michael & Strulik, Holger, 2000. "On endogenous growth with physical capital, human capital and product variety," European Economic Review, Elsevier, vol. 44(3), pages 491-515, March.
  3. Tavares, Jose & Wacziarg, Romain, 2001. "How democracy affects growth," European Economic Review, Elsevier, vol. 45(8), pages 1341-1378, August.
  4. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  5. Andrei Shleifer & Robert W. Vishny, 1998. "The Quality of Government," Harvard Institute of Economic Research Working Papers 1847, Harvard - Institute of Economic Research.
  6. Acemoglu, Daron, 2001. "Good Jobs versus Bad Jobs," Journal of Labor Economics, University of Chicago Press, vol. 19(1), pages 1-21, January.
  7. Robert J. Barro & Jong-Wha Lee, 2000. "International Data on Educational Attainment: Updates and Implications," CID Working Papers 42, Center for International Development at Harvard University.
  8. Robert J. Barro, 2001. "Human Capital and Growth," American Economic Review, American Economic Association, vol. 91(2), pages 12-17, May.
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