Education, Innovation, and Long-Run Growth
This study augments a second-generation Schumpeterian growth model to employ human capital explicitly. We clarify the general-equilibrium interactions of subsidy policies to R&D and human capital accumulation in a unified framework. Despite a standard intuition that subsidizing these growth-enhancing activities is always mutually growth promoting, we find a symmetric effects for subsidieson R&D and those on education. Our theoretical result of asymmetric policy effects provides an important empirical caveat that empirical researchers may find false negative relationships between education subsidies and the output growth rate, if they merely rely on the standard human capital model.
|Date of creation:||Feb 2009|
|Date of revision:||Mar 2009|
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- James B. Ang & Jakob B. Madsen, 2010.
"Can Second-Generation Endogenous Growth Models Explain The Productivity Trends And Knowledge Production In The Asian Miracle Economies?,"
CAMA Working Papers
2010-05, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
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- Sergio Rebelo, 1999.
"Long Run Policy Analysis and Long Run Growth,"
Levine's Working Paper Archive
2114, David K. Levine.
- Grossmann, Volker, 2007.
"How to promote R&D-based growth? Public education expenditure on scientists and engineers versus R&D subsidies,"
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- Volker Grossmann, 2004. "How to Promote R&D-based Growth? Public Education Expenditure on Scientists and Engineers versus R&D Subsidies," CESifo Working Paper Series 1225, CESifo Group Munich.
- Zeng, Jinli, 2003.
"Reexamining the interaction between innovation and capital accumulation,"
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- Jinli Zeng, 2002. "Reexamining the Interaction between Innovation and Capital Accumulation," Departmental Working Papers wp0203, National University of Singapore, Department of Economics.
- Jakob B. Madsen & EPRU & FRU, 2007.
"Semi-Endogenous Versus Schumpeterian Growth Models: Testing The Knowledge Production Function Using International Data,"
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26-07, Monash University, Department of Economics.
- Jakob Madsen, 2008. "Semi-endogenous versus Schumpeterian growth models: testing the knowledge production function using international data," Journal of Economic Growth, Springer, vol. 13(1), pages 1-26, March.
- Madsen, Jakob & Ang, James & Banerjee, Rajabrata, 2010.
"Four Centuries of British Economic Growth: The Roles of Technology and Population,"
23510, University Library of Munich, Germany.
- Jakob Madsen & James Ang & Rajabrata Banerjee, 2010. "Four centuries of British economic growth: the roles of technology and population," Journal of Economic Growth, Springer, vol. 15(4), pages 263-290, December.
- Jakob B. Madsen & James B. Ang & Rajabrata Banerjee, 2010. "Four Centuries of British Economic Growth: The Roles of Technology and Population," CAMA Working Papers 2010-18, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Marios Zachariadis, .
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- Ulku, Hulya, 2005.
"R&D, Innovation and Growth: Evidence from Four Manufacturing Sectors in OECD Countries,"
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30542, University of Manchester, Institute for Development Policy and Management (IDPM).
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- Nicolas Serrano-Velarde & Douglas Hanley & Ufuk Akcigit, 2011. "Back to Basics: Private and Public Investment in Basic R&D and Macroeconomic Growth," 2011 Meeting Papers 1196, Society for Economic Dynamics.
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- Arnold, Lutz G., 1998. "Growth, Welfare, and Trade in an Integrated Model of Human-Capital Accumulation and Research," Journal of Macroeconomics, Elsevier, vol. 20(1), pages 81-105, January.
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