Research and development, human capital and growth
The conference presentation, Research and development, human capital and growth, was presented by Steve Dowrick from the Australian National University, at the Productivity Perspectives 2004 conference.
Proponents of the new theories of endogenous growth claim that the accumulation of disembodied knowledge and embodied human capital are the engines of economic development. This paper surveys the evidence, comparing the results from micro-economic studies of rates of return to investment in education and R&D with the results from macroeconomic studies of the impact of education and R&D, aggregated to the national level, on economic growth. There is a striking concordance between the micro and the macro results, confirming the importance of investment in both research and education.
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