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Education, Innovation, and Long-Run Growth

Katsuhiko Hori () and Katsunori Yamada ()
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Katsuhiko Hori: Institute of Economic Research, Kyoto University
Katsunori Yamada: Institute of Social and Economic Research, Osaka University

Authors registered in the RePEc Author Service: 堀 勝彦 ()

No 798, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: This study augments a second-generation Schumpeterian growth model to employ human capital explicitly. We clarify the general-equilibrium interactions of subsidy policies to R&D and human capital accumulation in a unified framework. Despite a standard intuition that subsidizing these growth-enhancing activities is always mutually growth promoting, we find asymmetric effects for subsidies on R&D and those on education. Our theoretical result of asymmetric policy effects provides an important empirical caveat that empirical researchers may find false negative relationships between education subsidies and the output growth rate, if they merely rely on the standard human capital model.

Keywords: Schumpeterian growth model; human capital accumulation; subsidies (search for similar items in EconPapers)
JEL-codes: O15 O32 O41 (search for similar items in EconPapers)
Date: 2011-11
New Economics Papers: this item is included in nep-dev, nep-dge, nep-edu, nep-fdg, nep-hrm, nep-ino and nep-lab
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Related works:
Journal Article: Education, Innovation and Long-Run Growth (2013) Downloads
Working Paper: Education, Innovation, and Long-Run Growth (2011) Downloads
Working Paper: Education, Innovation, and Long-Run Growth (2008) Downloads
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