Engines of Growth: Education and Innovation

Manfred Stadler

Review of Economics, 2012, vol. 63, issue 2, 113-124

Abstract: The paper presents a dynamic general-equilibrium model of education, quality and variety innovation, and scale-invariant growth. We consider endogenous human-capital accumulation in an educational sector and quality and variety innovation in two separate R&D sectors. In the balanced growth equilibrium education and innovation appear as in-line engines of growth and government can accelerate growth by subsidizing education or by enhancing the effectiveness of the educational sector.

Date: 2012
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DOI: 10.1515/roe-2012-0202

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