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- Title
Human Capital and Overinvestment in R&D.
- Authors
Reis, Ana Balcão; Sequeira, Tiago Neves
- Abstract
We introduce a negative effect of technological development on human capital accumulation in a growth model with endogenous innovation and accumulation of human capital. This implies a negative externality of R&D in human capital accumulation. Some calibration exercises suggest that this distortion may be sufficiently strong not only to offset the usual effects of spillovers and of returns to specialization but also to induce overinvestment in R&D.
- Subjects
HUMAN capital; RESEARCH &; development; ENDOGENOUS growth (Economics); ECONOMIC development; LABOR economics; HUMAN resource accounting; LABOR supply; MODE of production; EXTERNALITIES
- Publication
Scandinavian Journal of Economics, 2007, Vol 109, Issue 3, p573
- ISSN
0347-0520
- Publication type
Article
- DOI
10.1111/j.1467-9442.2007.00508.x