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dc.contributor.authorKim, Yong Jin
dc.contributor.authorLee, Jong-Wha
dc.date.accessioned2019-04-26T10:47:26Z
dc.date.issued1999-11
dc.identifier.citationKim, Yong Jin, and John-Wha Lee. “Technological Change, Investment in Human Capital, and Economic Growth.” CID Working Paper Series 1999.29, Harvard University, Cambridge, MA, November 1999.en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:39467499*
dc.description.abstractThis paper presents a theoretical model to analyze the effects of technology change on growth rates of income and human capital. We set up an overlapping generations model in which young agents invest in both width and depth of human capital in order to adopt new technologies. The model develops explicitly the micro-mechanism of the role of human capital in adopting new technologies as well as that of the process of human capital production. In our model an increase in the technology uncertainty decreases growth rates of income and human capital by lowering efficiencies both in creating new knowledge and in adopting new technologies. We also show that, depending on the initial structure of human capital and the uncertainty about the nature of new technologies, an economy can have multiple growth paths. Hence, increased inflows of new technologies with more uncertain characteristics may affect human capital accumulation and income growth adversely, leading the economy to a low growth trap.en_US
dc.language.isoen_USen_US
dc.publisherCenter for International Development at Harvard Universityen_US
dc.relation.isversionofhttps://www.hks.harvard.edu/centers/cid/publicationsen_US
dash.licenseLAA
dc.titleTechnological Change, Investment in Human Capital, and Economic Growthen_US
dc.typeResearch Paper or Reporten_US
dc.description.versionAccepted Manuscripten_US
dc.relation.journalCID Working Paper Seriesen_US
dc.date.available2019-04-26T10:47:26Z


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