Abstract

https://ssrn.com/abstract=1344066
 
 

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Education, Innovation, and Long-Run Growth


Katsuhiko Hori


Tezukayama University

Katsunori Yamada


Kindai University, Faculty of Economics; Osaka University - Institute of Social and Economic Research

November 24, 2011

ISER Discussion Paper No. 731

Abstract:     
This study augments a second-generation Schumpeterian growth model to employ human capital explicitly. We clarify the general-equilibrium interactions of subsidy policies to R&D and human capital accumulation in a unified framework. Despite a standard intuition that subsidizing these growth-enhancing activities is always mutually growth promoting, we find a symmetric effects for subsidieson R&D and those on education. Our theoretical result of asymmetric policy effects provides an important empirical caveat that empirical researchers may find false negative relationships between education subsidies and the output growth rate, if they merely rely on the standard human capital model.

Number of Pages in PDF File: 28

Keywords: quality improvements, variety expansion, human capital, subsidies

JEL Classification: O15, O32, O41


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Date posted: February 15, 2009 ; Last revised: January 15, 2015

Suggested Citation

Hori, Katsuhiko and Yamada, Katsunori, Education, Innovation, and Long-Run Growth (November 24, 2011). ISER Discussion Paper No. 731. Available at SSRN: https://ssrn.com/abstract=1344066 or http://dx.doi.org/10.2139/ssrn.1344066

Contact Information

Katsuhiko Hori (Contact Author)
Tezukayama University ( email )
7-1-1 Tezukayama
Nara, Nara 631-8501
Japan
Katsunori Yamada
Kindai University, Faculty of Economics ( email )
Higashi-Osaka City, Osaka 577-8502
Japan
HOME PAGE: http://www.eonet.ne.jp/~kyamada/
Osaka University - Institute of Social and Economic Research ( email )
6-1, Mihogaoka
Ibaraki, Osaka 567-0047
Japan
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