Education, Technological Progress and Economic Growth

29 Pages Posted: 29 Dec 2004  

Winston T.H. Koh

Singapore Management University - School of Social Sciences

Hing Man Leung

Singapore Management University - School of Social Sciences

Date Written: July 28, 2003

Abstract

An important role of education - and the resultant accumulation of human capital - for a less-developed economy is to facilitate technology diffusion in order for it to catch up with developed economies. This paper presents a model linking education, the accumulation of physical capital and technological progress. In the model, investment in education and the accumulation of physical capital are complementary, and intertwine with the technology progress through related effects on technology diffusion and the expansion of the technology frontier. The allocation of effort to education, the optimal savings rate and the technology gap are endogenously determined in the steady-state balanced growth equilibrium.

Keywords: Education, human capital, technological progress

JEL Classification: O1, O3

Suggested Citation

Koh, Winston T.H. and Leung, Hing Man, Education, Technological Progress and Economic Growth (July 28, 2003). Available at SSRN: https://ssrn.com/abstract=637462 or http://dx.doi.org/10.2139/ssrn.637462

Winston T.H. Koh (Contact Author)

Singapore Management University - School of Social Sciences ( email )

469 Bukit Timah Road
Federal Building #02-08
Singapore, 259756
Singapore
+65 6822 0853 (Phone)
+65 6822 0833 (Fax)

Hing-Man Leung

Singapore Management University - School of Social Sciences ( email )

469 Bukit Timah Road
Federal Building #02-05
Singapore, 259756
Singapore
+65 6822 0717 (Phone)

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