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Public policy and growth in Canada: An applied endogenous growth model with human and knowledge capital accumulation
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Date
2015-11-01
Author
Voyvoda, Ebru
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Evidence suggests that the Canadian economy is over-shadowed with lagging productivity growth and that its innovation strategy lacks a market-oriented focus; and is unbalanced and biased. We study this problem with the aid of a dynamic general equilibrium model driven by analytics of endogenous growth and investigate the viable policy options and assess the interactions between knowledge driven growth, acquisition of human capital, and the role of strategic public policy for the Canadian economy. We study alternative public policies aimed at fostering the development of human capital (investment in education) and those at enhancing investments in innovation. Based on the re-allocation effects triggered by public subsidization policies on higher education versus industry/business R&D, our results corroborate that Canadian economy is falling short of its potential in (business) technological innovation. Our analyses further imply that the most welfare enhancing policy is to have a complementary mix of education and R&D subsidization designed to avoid the trade-offs that emerge in the short run.
Subject Keywords
Endogenous growth
,
Education; R&D
,
General equilibrium
,
Subsidization
,
Canadian economy
URI
https://hdl.handle.net/11511/40530
Journal
ECONOMIC MODELLING
DOI
https://doi.org/10.1016/j.econmod.2015.06.028
Collections
Department of Economics, Article
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E. Voyvoda, “Public policy and growth in Canada: An applied endogenous growth model with human and knowledge capital accumulation,”
ECONOMIC MODELLING
, pp. 298–309, 2015, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/40530.