R&D, Learning, and Phases of Economic Growth

Résumé du livre

The role of learning and R&D in economic development is addressed in an endogenous growth model. When human capital is below a threshold level, the model predicts that skills are accumulated as the only growth-generating activity, whereas both innovation activities and learning drive growth above this level. Hence, an endogenous regime shift is triggered when the level of human capital reaches the threshold level, because it becomes profitable to innovate.