English, Article, Journal or magazine article edition: Education, Inovation, and Long-Run Growth Katsuhiko Hori; Katsunori Yamada

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Bookmark: http://trove.nla.gov.au/version/16585
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Education, Inovation, and Long-Run Growth
Author
  • Katsuhiko Hori
  • Katsunori Yamada
Physical Description
  • preprint
Notes
  • This paper combines three prototype endogenous growth models, themodels with human capital accumulation introduced by Uzawa [1965] andLucas [1988], variety expansion by Romer [1990], and quality improvementsby Aghion and Howitt [1992], in order to investigate how these threeengines of growth interact. We show that a subsidy to human capital accumulation has a positive impact on R&​D effort, as well as on human capital accumulation. On the other hand, a subsidy to R&​D sectors does not affect human capital accumulation in our model. Moreover, we show that equilibrium dynamics is locally saddle-path stable around the steady growth path. It suggests that Schumpeterian growth models a la Howitt [1999] should share the locally saddle-path stable property. Finally, since in our model the percapita output growth rate is endogenously determined by both technology improvements and human capital accumulation, it bridges the gap between the literature on Schumpeterian growth models and that on growth empirics.
  • RePEc:dpr:wpaper:0731
Language
  • English
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