Education policy and R&D-based growth in an overlapping-generations model

Kohei Okada

Applied Economics Letters, 2023, vol. 30, issue 15, 2091-2097

Abstract: We employ a research and development (R&D) based growth overlapping-generations model with endogenous education decision-making and the government’s education policy to examine how education policy and human capital accumulation influence R&D activities. According to our study, an increase in the government’s public education expenditure has an inverted U-shaped effect on the steady-state growth rate. Moreover, a tax rate level that maximizes the steady-state growth rate exists. At this tax rate level, the steady-state welfare level is also maximized.

Date: 2023
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DOI: 10.1080/13504851.2022.2093827

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