PHASES OF ECONOMIC DEVELOPMENT IN AN ENDOGENOUS GROWTH MODEL WITH INNOVATION AND EDUCATION
Ibtissem Aribi and
Lobna Ben Hassen ()
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Lobna Ben Hassen: Department of Economics, Faculty of Economics and Management, University of Sfax, Sfax, Tunisia
Oradea Journal of Business and Economics, 2021, vol. 6, issue 2, 78-87
This paper analyzes the transitional dynamics of an endogenous growth model with physical capital, human capital and R&D in which both human capital and innovation drives long run growth. The model suggests that the developing economy follows different stages of development. The first phase is characterized by physical capital accumulation. At the second stage, human capital accumulation represents the main engine of long run growth. The third phase is identified by an increasing variety of intermediate good originating from innovation. However, innovation is not assured for poor economies. In this case, permanent support for innovation can lead a sustainable exit from poverty trap.
Keywords: development; innovation; human capital; transitional dynamics (search for similar items in EconPapers)
JEL-codes: O3 O31 O33 O4 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ora:jrojbe:v:6:y:2021:i:2:p:78-87
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