This paper extends the standard neoclassical model by considering a technology sector through which an economy with limited human capital attempts to catch up with a given “locomotive” pushing exogenously technical progress. In periods of technological stagnation, economies close enough to the frontier may find it optimal to not catch up, which reinforces worldwide technological sclerosis. Unde...

This paper aims to contribute to the new growth theory with a model in which the engine of growth is human capital growth. Building on Romer’s [1990] model, two new functions are introduced: (1) A speci...cation for the production of new designs that assumes no externalities and no inventions before time zero; and (2) A speci...cation for the accumulation of human capital technically similar to...

In this paper, I develop an industry-level index of capital-embodied R&D by capturing the extent of research and development directed at the capital goods in which a given industry invests. Compiling and adjusting data from the National Science Foundation and Commerce Department, I construct industry-level, time-series measures of this index and investigate its properties. The data allow me to ...

We set up a theoretical framework to analyse the role of economic growth and technological progress in the erosion of social capital. Under certain conditions on parameters, the relationship between technological progress and social capital can take the shape of an inverted U curve. Furthermore, we show the circumstances that allow the economy to follow trajectories where the stock of social ca...

Intellectual capital (IC) is organizational intangible asset which is frequently associated with performance. IC is commonly categorized into three core components: human capital, structural capital and relational capital. This study takes a step further in the evolution of the IC model for the hotel industry and divides relationship capital into two categories: End customer- relationship capit...

The gap between the world's rich and poor countries largely comes down to the financial and physical assets that create wealth. Developed economies possess more of this capital than developing ones, and what they have usually incorporates more advanced technologies. The implication is clear: A key aspect of economic advancement lies in poorer nations' capacity to acquire more capital and scale ...

Researchers assessing quantitatively the future macroeconomic impact of low fertility rates by the means of simulations invariably assume that young and old workers are perfect substitutes at fixed ratios and that workers of all ages are approximately paid their productivity. But there is empirical evidence which suggests that young and old workers are essentially imperfect substitutes; and tha...

in this study, the impact of internal r&d; expenditure, technology imports and interaction effects between human capital and technology imports on value added of iranian large industries are investigated over the period of 1994-2008. for this purpose, an endogenous growth model is used in which production is a function of labor, capital stock, human capital, internal r&d; expenditure, technolog...