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Human Capital Composition, R&D and the Increasing Role of Services

  • Neves Sequeira Tiago

    ()

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

  • Reis Ana B

    ()

    (Universidade Nova de Lisboa, Faculdade de Economia)

We relate the negative correlation between income and the ratio of high to low-tech human capital and the positive correlation between income and investment on R&D, both present in developed countries, to the transition to a services economy. To this end a growth model with endogenous innovation and accumulation of high-tech and low-tech human capital is developed. We consider a negative effect of technological development on the accumulation of high-tech human capital and that services are relatively intensive in low-tech human capital. We confirm the model implications quantitatively in a calibration exercise.

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Article provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.

Volume (Year): 6 (2006)
Issue (Month): 1 (June)
Pages: 1-25

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Handle: RePEc:bpj:bejmac:v:topics.6:y:2006:i:1:n:12
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