The Low-Skill, Low-Quality Trap: Strategic Complementarities between Human Capital and R & D
用内生增长模型分析人力资本与研发投资的关系，发现两者存在战略互补性，可能导致经济陷入低技能、低质量的均衡，并讨论了政府协调预期以改善福利的作用。
This paper investigates the relationship between investments in human capital and R & D in a model of endogenous growth. Both forms of investment exhibit pecuniary externalities and are, as a result, strategic complements. Multiple equilibria may occur for intermediate parameter values, and the present analysis may be seen as providing a theoretical rationalisation for the idea that an economy may become trapped in a 'low-skills' equilibrium, characterised by a poorly trained workforce and low product quality. In the presence of multiple equilibria, there may be a welfare-improving role for government policy in co-ordinating expectations.