Capital, Research & Development, Trade and Economic Growth

Bichaka Fayissa

Economia Internazionale / International Economics, 1996, vol. 49, issue 3, 373-384

Abstract: This study illustrates the critical role of human capital, research and development, and trade as sources of economic growth using U.S. data as a case study. The results of this paper suggest that investment in human capital, research and development (R&D), and trade have positive and statistically significant impact on the long-run economic growth consistent with the «new growth theory, or, «endogenous growth theory». In terms of policy, the U.S. government may consider an increase and extension of the R&D tax credit to private firms because process and product innovations are becoming strategic weapons to counter import competition. The study also suggests that investment in human capital in the form of on-the-job training, and emphasis on raising standards in science, mathematics, and engineering can enhance the productivity of the work force and contribute to economic growth.

Date: 1996
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