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High-tech human capital: Do the richest countries invest the most?

  • Sequeira, Tiago Neves

Research and Development (R&D) endogenous growth models predict and most evidence show that investment in R&D increase with economic development. We consider the type of human capital mainly used in research labs and show that the richest countries are investing proportionally less than middle income countries in engineering and technical human capital. We generalize this result, controlling for other explanatory variables, cross-time error correlations, heteroskedaticity and endogeneity bias. Thus, we establish a stylized fact (about human capital composition) that is a puzzle to economic theory: the ratio of high-tech to low-tech human capital presents an inverted U-shaped relationship with GDP per capita.

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File URL: http://fesrvsd.fe.unl.pt/WPFEUNL/WP2003/wp430.pdf
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Paper provided by Universidade Nova de Lisboa, Faculdade de Economia in its series FEUNL Working Paper Series with number wp430.

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Length: 14 pages
Date of creation: 2003
Date of revision:
Handle: RePEc:unl:unlfep:wp430
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  1. Funke, Michael & Strulik, Holger, 2000. "On endogenous growth with physical capital, human capital and product variety," European Economic Review, Elsevier, vol. 44(3), pages 491-515, March.
  2. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 1999. "The Quality of Government," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(1), pages 222-79, April.
  3. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October.
  4. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1990. "The Allocation of Talent: Implicationsfor Growth," University of Chicago - George G. Stigler Center for Study of Economy and State 65, Chicago - Center for Study of Economy and State.
  5. Robert J. Barro & Jong-Wha Lee, 2000. "International Data on Educational Attainment Updates and Implications," NBER Working Papers 7911, National Bureau of Economic Research, Inc.
  6. Robert J. Barro, 2001. "Human Capital and Growth," American Economic Review, American Economic Association, vol. 91(2), pages 12-17, May.
  7. Acemoglu, Daron, 2001. "Good Jobs versus Bad Jobs," Journal of Labor Economics, University of Chicago Press, vol. 19(1), pages 1-21, January.
  8. Tavares, Jose & Wacziarg, Romain, 2001. "How democracy affects growth," European Economic Review, Elsevier, vol. 45(8), pages 1341-1378, August.
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