Publicação
A Nonscale growth model with R&D and human capital accumulation
| Resumo: | This paper presents an endogenous growth model that includes research and development and human capital accumulation. The model’s specification builds on the R&D-based structure of Romer’s [1990] model and introduces two functions: (1) A specification for the production of new designs that assumes no externalities and no inventions before time zero; and (2) A specification for the accumulation of human capital technically similar to that in Lucas [1988]. The model displays two main results. The first is that it eliminates the scale-effects prediction which is common to most R&D-based growth models, but which is not empirically supported. Secondly, the model offers a new prediction that growth depends positively on the ratio of final-good workers to researchers. Thus the model provides a theoretical explanation as to why developed countries have had rising numbers of researchers but not rising growth rates in the twentieth century. |
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| Autores principais: | Thompson, Maria João Ribeiro |
| Assunto: | Endogenous growth Research and development Human capital Scale-effects predition Final-good workers to researchers radio |
| Ano: | 2003 |
| País: | Portugal |
| Tipo de documento: | working paper |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade do Minho |
| Idioma: | inglês |
| Origem: | RepositóriUM - Universidade do Minho |
| Resumo: | This paper presents an endogenous growth model that includes research and development and human capital accumulation. The model’s specification builds on the R&D-based structure of Romer’s [1990] model and introduces two functions: (1) A specification for the production of new designs that assumes no externalities and no inventions before time zero; and (2) A specification for the accumulation of human capital technically similar to that in Lucas [1988]. The model displays two main results. The first is that it eliminates the scale-effects prediction which is common to most R&D-based growth models, but which is not empirically supported. Secondly, the model offers a new prediction that growth depends positively on the ratio of final-good workers to researchers. Thus the model provides a theoretical explanation as to why developed countries have had rising numbers of researchers but not rising growth rates in the twentieth century. |
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