An applied endogenous growth model with human and knowledge capital accumulation for the Turkish economy

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dc.citation.epage225en_US
dc.citation.issueNumber2en_US
dc.citation.spage195en_US
dc.citation.volumeNumber7en_US
dc.contributor.authorVoyvoda, E.en_US
dc.contributor.authorYeldan, E.en_US
dc.date.accessioned2019-01-23T11:26:06Z
dc.date.available2019-01-23T11:26:06Z
dc.date.issued2015-10-02en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractWe analytically investigate and assess the interactions between knowledge-driven growth, acquisition of human capital, and the role of strategic public policy for the Turkish economy within the context of a general equilibrium model. The model aims to investigate the public policies toward fostering the development of human capital (such as investments in education and learning) and those at enhancing total factor productivity through investments in physical capital and innovation (such as subsidies to R&D), and to study the impact of various public policies on patterns of growth, along with their likely consequences from the points of view of capital accumulation, income distribution, social welfare and economic efficiency for the Turkish economy. With the aid of the model, we seek for analytical answers to the following question: for a government constrained with its budgetary requirements, which type of public subsidiziation policies is more conducive for enhancing growth and social welfare: promotion of human capital formation through subsidies to education expenditures, or promotion of new R&D formation through subsidies to R&D investment expenditures? According to the model findings, a single-handed strategy of only subsidizing education expenditures to promote human capital formation falls short of achieving desirable growth performance in the medium to long run. Under the policy of human capital formation promotion, expected growth and welfare results are weak in the medium-to-long run unless increased human capital can upgrade the number of research personnel employed in the R&D development sector. Under these observations, it can be argued that the public policy should be directed to R&D promotion in the medium-to-long run to complement an education promotion program to sustain human capital formation.en_US
dc.identifier.doi10.1080/17938120.2015.1072698en_US
dc.identifier.eissn1793-8171
dc.identifier.issn1793-8120
dc.identifier.urihttp://hdl.handle.net/11693/48264
dc.language.isoEnglishen_US
dc.publisherRoutledgeen_US
dc.relation.isversionofhttps://doi.org/10.1080/17938120.2015.1072698en_US
dc.source.titleMiddle East Development Journalen_US
dc.subjectEndogenous growthen_US
dc.subjectHuman capitalen_US
dc.subjectR&Den_US
dc.subjectGeneral equilibriumen_US
dc.subjectTurkish economyen_US
dc.subjectPublic policy for education and R&Den_US
dc.titleAn applied endogenous growth model with human and knowledge capital accumulation for the Turkish economyen_US
dc.typeArticleen_US

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