The role of human capital and physical capital accumulation in an R&D-based growth model

Le, Thanh (2005). The role of human capital and physical capital accumulation in an R&D-based growth model. In: Proceedings of the 34th Australian Conference of Economists. ACE05: 34th Australian Conference of Economists, Melbourne, Australia, (1-45). 26-28 September 2005.


Author Le, Thanh
Title of paper The role of human capital and physical capital accumulation in an R&D-based growth model
Conference name ACE05: 34th Australian Conference of Economists
Conference location Melbourne, Australia
Conference dates 26-28 September 2005
Proceedings title Proceedings of the 34th Australian Conference of Economists
Place of Publication Sydney, Australia
Publisher Economic Society of Australia
Publication Year 2005
Sub-type Fully published paper
ISBN 0734026080
9780734026088
Start page 1
End page 45
Total pages 45
Language eng
Formatted Abstract/Summary
This paper presents a Schumpeterian endogenous growth model where technological progress creates higher quality versions of intermediate inputs. Human capital, the key production factor that is used for different activities, is allowed to evolve over time using knowledge and physical investment as two additional inputs. Long-run growth is determined by education and research technologies, consumers’ preferences, as well as flat-rate income tax and R&D subsidy. The paper argues that economies need both to accumulate human capital and do research in order to obtain long-run balanced growth and there always exists a growth maximizing income tax/R&D subsidy rate.
Subjects 14 Economics
1401 Economic Theory
Keyword Research and development
Human capital
Economic growth
human capital accumulation
physical capital accumulation
R&D
Q-Index Code EX

 
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Created: Thu, 04 Mar 2010, 11:40:29 EST by Therese Egan on behalf of Faculty of Business, Economics & Law