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High-Tech Human Capital: Do the Richest Countries Invest the Most?
2003
Topics in Macroeconomics
Research and Development (R&D) endogenous growth models predict and most evidence show that investment in R&D increase with economic development. We consider the type of human capital mainly used in research labs and show that the richest countries are investing proportionally less than middle income countries in engineering and technical human capital. We generalize this result, controlling for other explanatory variables, cross-time error correlations, heteroskedaticity and endogeneity bias.
doi:10.2202/1534-5998.1115
fatcat:6ltrqnditzae3e5y5oxceqt6oy