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Human capital, equipment investment, and industrialization

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  • Jonathan Temple
  • Hans-Joachim Voth

Abstract

This paper constructs simple models in which industrialization is driven by human capital accumulation. Industrialization can explain the robust correlation between equipment investment and growth in developing countries. We show that government intervention is justified within our stylized model, and indicate that a subsidy to equipment investment is likely to be dominated by other policies. In the final section of the paper, we examine the correlation between equipment investment and growth, and find that it is strongest in economies on the brink of industrialization. We also show that this result is not easily explained by diminishing returns.

Suggested Citation

  • Jonathan Temple & Hans-Joachim Voth, 1996. "Human capital, equipment investment, and industrialization," Economics Papers 22 & 116, Economics Group, Nuffield College, University of Oxford.
    • Handle: RePEc:nuf:econwp:0022
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