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Human capital accumulation in R&D-based growth models

  • Mattalia, Claudio
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    This paper develops a model that reproduces the essential aspects of the recent ICT-based economy using the framework of endogenous growth theory in which a central role is played by human capital accumulation. In particular, it considers a multi-sectoral growth model in discrete time with infinite horizon, endogenous growth, embodied technological progress, horizontal differentiation and “lab-equipment” specification of R&D, and with human capital accumulation (represented by the fact that households devote a fraction of their time to schooling), in order to take into account the crucial role of the latter when new technologies are present. In this model it is possible to obtain some important results, both analytically and through simulations, either in the case of constant productivity of schooling and in the case in which this productivity is a function of technological progress. The first conclusion is that the productivity of schooling affects the long run growth of the economy, contrary to the productivities of the other sectors, hence in this model human capital accumulation is the true engine of growth. It is then possible to study the reaction of the economy to different types of shocks, and to compare the results with the empirical evidence. The conclusion is that the model is able to reproduce such evidence, suggesting that the interaction between ICT and human capital is one of the drivers of the recent economic performance.

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    Article provided by Elsevier in its journal Economic Modelling.

    Volume (Year): 29 (2012)
    Issue (Month): 3 ()
    Pages: 601-609

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    Handle: RePEc:eee:ecmode:v:29:y:2012:i:3:p:601-609
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    1. Raouf BOUCEKKINE & David DE LA CROIX & Yiannis VAILAKIS, 2002. "Technological Shocks and IT Revolutions," Discussion Papers (REL - Recherches Economiques de Louvain) 2002015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
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    5. Boucekkine, Raouf & de la Croix, David, 2003. "Information technologies, embodiment and growth," Journal of Economic Dynamics and Control, Elsevier, vol. 27(11-12), pages 2007-2034, September.
    6. Greenwood, J. & Hercowitz, Z. & Krusell, P., 1996. "Long-Run Implications of Investment-Specific Technological Change," RCER Working Papers 420, University of Rochester - Center for Economic Research (RCER).
    7. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    8. Baldwin, John R. & Peters, Valerie, 2001. "Training as a Human Resource Strategy: The Response to Staff Shortages and Technological Change," Analytical Studies Branch Research Paper Series 2001154e, Statistics Canada, Analytical Studies Branch.
    9. Luis A. Rivera-Batiz & Paul M. Romer, 1990. "Economic Integration and Endogenous Growth," NBER Working Papers 3528, National Bureau of Economic Research, Inc.
    10. Fernando Alvarez & Robert E. Lucas, 2005. "General Equilibrium Analysis of the Eaton-Kortum Model of International Trade," NBER Working Papers 11764, National Bureau of Economic Research, Inc.
    11. Claudio MATTALIA, 2002. "Information Technologies, Economic Growth and Productivity Shocks," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2002026, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    12. Oecd, 2005. "New Perspectives on ICT Skills and Employment," OECD Digital Economy Papers 96, OECD Publishing.
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