High-Tech Human Capital: Do the Richest Countries Invest the Most?

Tiago Sequeira

The B.E. Journal of Macroeconomics, 2003, vol. 3, issue 1, 28

Abstract: In this paper we show that the richest countries are investing proportionally less than middle income countries in engineering and technical human capital. We generalize this result, controlling for country-specific effects, cross-time error correlations, heteroskedasticity, the presence of outliers and the introduction of other explanatory variables. Thus, we establish an unexpected stylized fact (about human capital composition): the proportion of high-tech human capital in tertiary education presents an inverted U-shaped relationship with GDP per capita. This is interesting because Research and Development (R&D) endogenous growth models predict and most evidence show that investment in R&D increases with economic development.

Keywords: human capital composition; high-tech human capital; R&D; development (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (5)

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DOI: 10.2202/1534-5998.1115

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