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Technical progress, human capital accumulation, and economic growth in demand-led macrodynamics

Author

Listed:
  • Serra, Gustavo P.
  • Bertella, Mario A.
  • da Costa, Julia M.

Abstract

This paper develops a neo-Kaleckian growth model that formalizes the strategic interaction between labor-saving technological innovation through research and development (R&D) and human capital quality of the economy. These elements are shown to be complementary: innovation requires skilled human capital, while qualitative changes in human capital may have an impact on the macroeconomic variables only when technological innovation occurs. When technological change takes place, enhancing human capital through public expenditure on education can boost both the degree of capacity utilization and the growth rate. In the absence of innovation, however, public expenditure on human capital is ineffective. Over the long run, the interaction between human capital accumulation and R&D investment may contribute to economic activity, employment, and growth. Nonetheless, the positive results depend on the ability of the government to induce private R&D investment, research quality, and on the level of the tax rate.

Suggested Citation

  • Serra, Gustavo P. & Bertella, Mario A. & da Costa, Julia M., 2026. "Technical progress, human capital accumulation, and economic growth in demand-led macrodynamics," Structural Change and Economic Dynamics, Elsevier, vol. 79(C), pages 155-165.
    • Handle: RePEc:eee:streco:v:79:y:2026:i:c:p:155-165
    DOI: 10.1016/j.strueco.2026.05.002
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    Keywords

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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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