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High-Tech Human Capital: Do the Richest Countries Invest the Most?
1Departamento de Gestão e Economia - Universidade da Beira Interior, Faculdade de Economia - Universidade Nova de Lisboa, email@example.com
Citation Information: Topics in Macroeconomics. Volume 3, Issue 1, Pages –, ISSN (Online) 1534-5998, DOI: 10.2202/1534-5998.1115, September 2003
- Published Online:
In this paper we show that the richest countries are investing proportionally less than middle income countries in engineering and technical human capital. We generalize this result, controlling for country-specific effects, cross-time error correlations, heteroskedasticity, the presence of outliers and the introduction of other explanatory variables. Thus, we establish an unexpected stylized fact (about human capital composition): the proportion of high-tech human capital in tertiary education presents an inverted U-shaped relationship with GDP per capita. This is interesting because Research and Development (R&D) endogenous growth models predict and most evidence show that investment in R&D increases with economic development.