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 asymmetric effects for subsidies on 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:||Nov 2011|
|Contact details of provider:|| Postal: Yoshida-Honmachi, Sakyo-ku, Kyoto 606-8501|
Web page: http://www.kier.kyoto-u.ac.jp/eng/index.html
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- Stephen Machin & Kjell G. Salvanes & Panu Pelkonen, 2012.
"Education And Mobility,"
Journal of the European Economic Association,
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- Machin, Stephen & Pelkonen, Panu & Salvanes, Kjell G., 2008. "Education and Mobility," IZA Discussion Papers 3845, Institute for the Study of Labor (IZA).
- Stephen Machin & Panu Pelkonen & Kjell Salvanes, 2008. "Education and mobility," LSE Research Online Documents on Economics 28277, London School of Economics and Political Science, LSE Library.
- Stephen Machin & Panu Pelkonen & Kjell Salvanes, 2008. "Education and Mobility," CEE Discussion Papers 0100, Centre for the Economics of Education, LSE.
- James B. Ang & Jakob B. Madsen, 2011.
"Can Second-Generation Endogenous Growth Models Explain the Productivity Trends and Knowledge Production in the Asian Miracle Economies?,"
The Review of Economics and Statistics,
MIT Press, vol. 93(4), pages 1360-1373, November.
- Ang, James & Madsen, Jakob, 2009. "Can Second-Generation Endogenous Growth Models Explain The Productivity Trends and Knowledge Production In the Asian Miracle Economies?," MPRA Paper 17543, University Library of Munich, Germany.
- 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.
- Marios Zachariadis, "undated".
"R&D-Induced Growth in the OECD?,"
Departmental Working Papers
2001-02, Department of Economics, Louisiana State University.
- Grossmann, Volker, 2007.
"How to promote R&D-based growth? Public education expenditure on scientists and engineers versus R&D subsidies,"
Journal of Macroeconomics,
Elsevier, vol. 29(4), pages 891-911, December.
- 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.
- Peretto, Pietro F., 1996.
"Technological Change and Population Growth,"
96-28, Duke University, Department of Economics.
- Sergio T. Rebelo, 1990.
"Long Run Policy Analysis and Long Run Growth,"
NBER Working Papers
3325, National Bureau of Economic Research, Inc.
- N. Gregory Mankiw & David Romer & David N. Weil, 1990.
"A Contribution to the Empirics of Economic Growth,"
NBER Working Papers
3541, National Bureau of Economic Research, Inc.
- Daron Acemoglu, 1997. "Training and Innovation in an Imperfect Labour Market," Review of Economic Studies, Oxford University Press, vol. 64(3), pages 445-464.
- Zeng, Jinli, 2003.
"Reexamining the interaction between innovation and capital accumulation,"
Journal of Macroeconomics,
Elsevier, vol. 25(4), pages 541-560, December.
- Jinli Zeng, 2002. "Reexamining the Interaction between Innovation and Capital Accumulation," Departmental Working Papers wp0203, National University of Singapore, Department of Economics.
- 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.
- 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.
- 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.
- Jakob B. Madsen & EPRU & FRU, 2007. "Semi-Endogenous Versus Schumpeterian Growth Models: Testing The Knowledge Production Function Using International Data," Monash Economics Working Papers 26-07, Monash University, Department of Economics.
- Hulya Ulku, 2007.
"R&D, innovation, and growth: evidence from four manufacturing sectors in OECD countries,"
Oxford Economic Papers,
Oxford University Press, vol. 59(3), pages 513-535, July.
- Ulku, Hulya, 2005. "R&D, Innovation and Growth: Evidence from Four Manufacturing Sectors in OECD Countries," Development Economics and Public Policy Working Papers 30542, University of Manchester, Institute for Development Policy and Management (IDPM).
- Sakakibara, Mariko & Branstetter, Lee, 2001. "Do Stronger Patents Induce More Innovation? Evidence from the 1988 Japanese Patent Law Reforms," RAND Journal of Economics, The RAND Corporation, vol. 32(1), pages 77-100, Spring.
- Connolly, Michelle & Peretto, Pietro F, 2003. "Industry and the Family: Two Engines of Growth," Journal of Economic Growth, Springer, vol. 8(1), pages 115-148, March.
- Madsen, Jakob B., 2010. "The anatomy of growth in the OECD since 1870," Journal of Monetary Economics, Elsevier, vol. 57(6), pages 753-767, September.
- 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.
- Dinopoulos, Elias & Thompson, Peter, 1998. "Schumpeterian Growth without Scale Effects," Journal of Economic Growth, Springer, vol. 3(4), pages 313-335, December.
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