Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please rephrase this context Human capital plays a critical role in endogenous growth models, which hold that knowledge driven growth can lead to a constant,
Please rephrase this context
Human capital plays a critical role in endogenous growth models, which hold that knowledge driven growth can lead to a constant, or even increasing, rate of return. According to Romer (1990), human capital is the major input to research and development that innovates technologies. Therefore, countries with larger initial human capital stock are more likely to have new products and grow faster than other countries
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started