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| Author: | Reis, A. B. Sequeira, T. N. |
| Title: | Human capital and overinvestment in R&D |
| Journal: | Scandinavian Journal of Economics
2007 : VOL. 109:3, p. 573-591 |
| Index terms: | externalities growth theory human capital R&D |
| Language: | eng |
| Abstract: | This article incorporates a negative effect of technological development on human capital accumulation to a growth model with endogenous innovation and accumulation of human capital. A negative externality of R&D in human capital accumulation is thus implied. The results of the analysis suggest that this distortion may offset the normal effects of spillovers and of returns to specialization. In addition, it can result in overinvestment in R&D. |
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