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http://dx.doi.org/10.5392/JKCA.2017.17.05.285

Schooling, Technology-specific Training and Economic Growth: a Theoretical Approach in a Model of Endogenous Innovation  

Kim, Sang Choon (영남대학교 무역학부)
Choi, Bong-Ho (동의대학교 무역학과)
Publication Information
The Journal of the Korea Contents Association / v.17, no.5, 2017 , pp. 285-304 More about this Journal
Abstract
This paper introduces household's decision for schooling and firm's decision for technology-specific training together into the second generation model of endogenous innovation, and analyses how schooling and technology-specific training interact each other, how they respectively affect innovation and economic growth, and also how the portfolio mix of schooling and technology-specific training changes as economy becomes more innovative. Main results are as follows: First, schooling and technology-specific training both have "inverted-U"shape growth effects. Second, schooling investment per labor required for growth maximization is always greater than that for firm profit maximization. Third, the optimal schooling for growth maximization decreases with technology-specific training. Fourth, the schooling effect on technology-specific training is "U"shaped, so that for firm's profit maximization schooling is substitutable for technology-specific training at the relatively lower level of schooling but complementary at its relatively higher level. Fifth, as economy becomes more innovative, the portfolio mix of education changes in favor of schooling.
Keywords
Schooling; Technology-specific Training; Human Capital; Innovation; Economic Growth;
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Times Cited By KSCI : 1  (Citation Analysis)
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