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Technological Change, investment in Human Capital, and Economic Growth

Author

Listed:
  • Kim, J.Y.
  • Lee, J.W.

Abstract

This paper presents a theoretical model to analyze the effects of technology change on growth rates of income and human capital. We set up an overlapping generations model in which young agents invest in both width and depth of human capital in order to adopt new technologies. The model develops explicitly the micro-mechanism of the role of human capital in adopting new technologies as well as that of the process of human capital production. In our model an increase in the technology uncertainty decreases growth rates of income and human capital by lowering efficiencies both in creating new knowledge and in adopting new technologies.

Suggested Citation

  • Kim, J.Y. & Lee, J.W., 2000. "Technological Change, investment in Human Capital, and Economic Growth," Papers 29, Chicago - Graduate School of Business.
    • Handle: RePEc:fth:chicbu:29
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    Cited by:

    1. Radim Valenčík & Petr Wawrosz, 2015. "Transferred Price And The Sector Of Productive Services As The Key Preconditions To Smart, Sustainable, And Inclusive Growth," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 9(1), pages 179-194.
    2. Joonkyung Ha & Yong Jin Kim & Jong‐Wha Lee, 2009. "Optimal Structure of Technology Adoption and Creation: Basic versus Development Research in Relation to the Distance from the Technological Frontier," Asian Economic Journal, East Asian Economic Association, vol. 23(3), pages 373-395, September.
    3. Wladyslaw Welfe, 2007. "Knowledge capital and total factor productivity," Working Papers 2, Department of Applied Econometrics, Warsaw School of Economics.
    4. Huang, Rui & Fulginiti, Lilyan E. & Peterson, E. Wesley F., 2003. "Investing in Hope: AIDS, Life Expectancy, and Human Capital Accumulation," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25808, International Association of Agricultural Economists.
    5. Bildirici, M. & Orcan, M. & Sunal, S. & Aykaç, E., 2005. "Determinants of Human Capital Theory, Growth and Brain Drain: An Econometric Analysis for 77 Countries," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 5(2).
    6. Rui Huang & Lilyan E. Fulginiti & E. Wesley F. Peterson, 2010. "Health and growth: causality through education," China Agricultural Economic Review, Emerald Group Publishing Limited, vol. 2(3), pages 321-344, September.
    7. Marcelo P. Dabós & Ernesto Gantman, 2010. "The Fading Link? A New Empirical Analysis of the Relationship Between Financial Development and Economic Growth," Working Papers 2010-013, Becker Friedman Institute for Research In Economics.

    More about this item

    Keywords

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    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • 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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