Technology and Skill: Twin Engines of Growth / Nancy L. Stokey.

Format:

Book

Author/Creator:

Stokey, Nancy L.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w24570.

NBER working paper series no. w24570

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Technology and Skill

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2018.

Summary:

A model is developed in which two complementary forms of investment contribute to growth--technology and skill acquisition, and growth takes two forms--TFP and variety growth. The rate of TFP growth depends more heavily on the parameters governing skill accumulation, while variety growth depends, roughly, on the difference between the parameters governing technology and skill accumulation. Conditions for the existence of a BGP are established, and the effects of various parameters are characterized. In an example, subsidies to skill acquisition (technology acquisition) are powerful tools for stimulating TFP growth (variety growth). Investment incentives off the BGP are also explored.

Notes:

Print version record

May 2018.