Experiencing change and the evolution of adaptive skills: Implications for economic growth |
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Authors: | Murat F Iyigun Ann L Owen |
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Institution: | a Department of Economics, University of Colorado, Campus Box 256, Boulder, CO 80309-0256, USA b Department of Economics, Hamilton College, 198 College Hill Road, Clinton, NY 13323, USA |
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Abstract: | We distinguish learning in a static environment from that in a dynamic environment to show the existence of an important interaction between the development of new technologies and human capital accumulation. Because technological progress creates a more dynamic environment, it complements education in the production of human capital by enhancing adaptive skills. Higher levels of adaptability and human capital in turn determine the profitability of new inventions and the incentive to invest in new R&D. Differences in the history of technological progress produce different levels of adaptability and our results suggest why countries that have comparable levels of education and per capita incomes may differ significantly in their growth performance. |
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Keywords: | I20 J24 O11 O31 O40 |
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