Human Capital and Overinvestment in R&D*
在包含内生创新和人力资本积累的增长模型中，引入技术发展对人力资本积累的负效应，发现研发的负外部性可能导致研发过度投资。
Abstract We introduce a negative effect of technological development on human capital accumulation in a growth model with endogenous innovation and accumulation of human capital. This implies a negative externality of R&D in human capital accumulation. Some calibration exercises suggest that this distortion may be sufficiently strong not only to offset the usual effects of spillovers and of returns to specialization but also to induce overinvestment in R&D.