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http://hdl.handle.net/2183/13934 Phases of Economic Development: Do Initial Endowments Matter?
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Departamento de Economía Aplicada II
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Gómez, Manuel A. and Sequeira, Tiago N. (2012), Phases of economic development: Do initial endowments matter?, B.E. Journal of Macroconomics 12 (1) (Topics). DOI: 10.1515/1935-1690.2401
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Abstract
[Abstract] Different industrializing experiences beginning on innovation or education could be explained not only by different structural parameters or policies but also by differences in factor endowments. In this paper, we consider an endogenous growth model with physical capital, human capital and R&D. We show that the initial endowments can determine the sequence of the phases of development that the economy follows; in particular, whether innovation precedes education or viceversa.
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The final publication is available at www.degruyter.com