Chapter

Technology, Knowledge, and Growth

Saumen Chattopadhyay

in Education and Economics

Published in print October 2012 | ISBN: 9780198082255
Published online January 2013 | e-ISBN: 9780199082070 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198082255.003.0003
Technology, Knowledge, and Growth

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This chapter inquires into the different ways in which education can promote technological advancement and spur growth. The new brand of the growth theoretic model seeks to understand the process of growth on the basis of optimizing individual decisions to invest on education, research, and development. It is in this context that the economic characteristics of knowledge become crucial. Since generation of knowledge entails investment, knowledge ceases to be a pure public good. This chapter relates the concepts of education, knowledge, and human capital in the context of growth. The challenge is to identify and measures various forms of human capital to incorporate in the models. This chapter ends with a discussion on how quality of education matters for growth.

Keywords: education; production function; technology; knowledge; human capital; endogenous growth theory; externalities; ‘learning by doing’

Chapter.  11463 words. 

Subjects: Economic Development and Growth

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