A growth model with qualities, varieties, and human capital: stability and transitional dynamics

Abstract

We show that when spillovers within R&D sectors are higher than spillovers across the two R&D sectors, the equilibrium is unstable. However, when spillovers between sectors are higher than within, the equilibrium is a saddle-path. This result emphasizes the need for empirical research that compares quantitatively the importance of these two types of spillovers and highlights the importance of studying intersectoral effects between the two R&D sectors. We describe plausible paths of economic development after changes in crucial parameters and uncover some transitional effects that were impossible to detect in the steady-state analysis. We also show that this model's transition dynamics can mimic the main features of the process of productivity slowdown that began in the 1970's. JEL Classification: O11, O15, O31, O33, O41.

Importance of Universal Human Values for Life: A Study

“…Each organization has its own set of values [52]. Some of the professional values which every manager usually looks in their employees are: [53] 1.…”