Investment in Humans, Technological Diffusion, and Economic Growth

by Richard R. Nelson, E. S. Phelps


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Text of a paper delivered at the American Economic Association meetings in December 1965. The authors consider the importance of education for a particular function requiring great adaptation to change and propose two models suggested by these considerations. The models (of the process of technological diffusion and of the role of education) show that the rate of return to education is greater the more technologically progressive is the economy.

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