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Human Capital Composition, R&D and the Increasing Role of Services
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Tiago Neves Sequeira
Published/Copyright:
June 1, 2006
Abstract
We relate the negative correlation between income and the ratio of high to low-tech human capital and the positive correlation between income and investment on R&D, both present in developed countries, to the transition to a services economy. To this end a growth model with endogenous innovation and accumulation of high-tech and low-tech human capital is developed. We consider a negative effect of technological development on the accumulation of high-tech human capital and that services are relatively intensive in low-tech human capital. We confirm the model implications quantitatively in a calibration exercise.
Published Online: 2006-06-01
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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