When Romer meets Lucas: On human capital, imperfect competition and growth

Alberto Bucci (alberto.bucci@unimi.it)

Departmental Working Papers from Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano

Abstract: This paper studies the economic determinants of the inter-sectoral allocation of skills within an R&Dbased growth model with human capital accumulation. I find that steady-state growth is driven only by incentives to accumulate skills and is independent of scale effects. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the equilibrium output growth rate and the market power enjoyed by producers of technologically advanced goods.

Keywords: Endogenous Growth; Human Capital; R&D (search for similar items in EconPapers)
JEL-codes: J24 O31 O41 (search for similar items in EconPapers)
Date: 2002-01-01
New Economics Papers: this item is included in nep-dev and nep-dge
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:mil:wpdepa:2002-06

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