Phases of Economic Development: Do Initial Endowments Matter?

Manuel Gómez and Tiago Sequeira

The B.E. Journal of Macroeconomics, 2012, vol. 12, issue 1, 22

Abstract: Different industrializing experiences beginning on innovation or education could be explained not only by different structural parameters or policies but also by differences in factor endowments. In this paper, we consider an endogenous growth model with physical capital, human capital and R&D. We show that the initial endowments alone can determine the sequence of the phases of development that the economy follows; in particular, whether innovation precedes education or vice versa.

Keywords: endogenous growth; transitional dynamics; innovation; education (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1515/1935-1690.2401

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