Social Absorption Capability and Innovation

Joseph Stiglitz

Chapter 4 in Social Capability and Long-Term Economic Growth, 1995, pp 48-81 from Palgrave Macmillan

Abstract: Abstract It is now widely recognized that the differences in standards of living and in rates of growth that different economies have experienced have to do with factors other than just differences in factor supplies, in particular human and physical capital. Were differences among countries accounted for by different factor inputs along the same production function, we would expect to see far higher returns to the scare factors, human and physical capital. And we would not expect to see the migration of skilled individuals from poor countries, such as India.2

Keywords: Human Capital; Nash Equilibrium; Capital Market; Physical Capital; Multiple Equilibrium (search for similar items in EconPapers)
Date: 1995
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DOI: 10.1007/978-1-349-13512-7_4

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