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Stages of Economic Development in an Innovation-Education Growth Model

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  • Gómez Manuel A.

    (University of A Coruña)

Abstract
Physical capital accumulation, knowledge formation and R&D-based technological progress are considered the three main sources of growth. The common view is that they characterize, in a temporal order, the three phases that a typical advanced economy passes through in its development process. Recently it has been argued, however, that an innovation-education sequence could agree better than an education-innovation transition with the empirical fact that the rise in formal education to the masses follows rather than precedes the process of industrialization. Accordingly, this paper devises an endogenous growth model with physical capital, human capital and R&D that, unlike previous related work, is able to generate adjustment dynamics in which the innovative stage precedes knowledge formation, consistent with empirical evidence.

Suggested Citation

  • Gómez Manuel A., 2011. "Stages of Economic Development in an Innovation-Education Growth Model," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 15(4), pages 1-25, September.
    • Handle: RePEc:bpj:sndecm:v:15:y:2011:i:4:n:6
    DOI: 10.2202/1558-3708.1857
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    References listed on IDEAS

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    1. Jones Charles I., 2001. "Was an Industrial Revolution Inevitable? Economic Growth Over the Very Long Run," The B.E. Journal of Macroeconomics, De Gruyter, vol. 1(2), pages 1-45, August.
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    Cited by:

    1. Chen, Xi & Funke, Michael, 2013. "The dynamics of catch-up and skill and technology upgrading in China," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 465-480.
    2. Pierre‐Richard Agénor & Barış Alpaslan, 2018. "Infrastructure And Industrial Development With Endogenous Skill Acquisition," Bulletin of Economic Research, Wiley Blackwell, vol. 70(4), pages 313-334, October.
    3. Agénor, Pierre-Richard & Neanidis, Kyriakos C., 2015. "Innovation, public capital, and growth," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 252-275.
    4. Ibtissem Aribi & Lobna Ben Hassen, 2021. "Phases Of Economic Development In An Endogenous Growth Model With Innovation And Education," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 6(2), pages 78-87, September.
    5. Gómez, Manuel A. & Sequeira, Tiago N., 2013. "Optimal R&D subsidies in a model with physical capital, human capital and varieties," Economic Modelling, Elsevier, vol. 30(C), pages 217-224.
    6. Baris Alpaslan, 2015. "Public Spending and Transitional Dynamics of an Innovation-Based Growth Model," Centre for Growth and Business Cycle Research Discussion Paper Series 199, Economics, The University of Manchester.

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