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Towards a theory of technological mismatch : 2 - Economic growth

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  • Oude Wansink, Maurice

    (MERIT)

Abstract

In this paper, the relationship between technological change and the labour market is analysed using a growth model. Economic growth is generated by private investment in human capital, which is the heart of technological change. The model developed in this paper resembles the model of Lucas (1988), but differs in some important definitions. These definitions make it possible to combine a steady state equilibrium (constant and positive growth rates) with production functions for both the research and the educational sector which are not linear. This latter feature is an improvement on the new growth theory. However, the model generates a system of dynamic equations that can only be used for stability analysis when additional assumptions are made with respect to the endogenous variables.

Suggested Citation

  • Oude Wansink, Maurice, 1995. "Towards a theory of technological mismatch : 2 - Economic growth," Research Memorandum 015, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    • Handle: RePEc:unm:umamer:1995015
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    File URL: https://unu-merit.nl/publications/rmpdf/1995/rm1995-015.pdf
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    References listed on IDEAS

    as
    1. Theodore W. Schultz, 1960. "Capital Formation by Education," Journal of Political Economy, University of Chicago Press, vol. 68(6), pages 571-571.
    2. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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