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Human Capital and Adoption of Innovations: Policy Implications
Author(s) -
Huffman Wallace E.
Publication year - 2020
Publication title -
applied economic perspectives and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.4
H-Index - 49
eISSN - 2040-5804
pISSN - 2040-5790
DOI - 10.1002/aepp.13010
Subject(s) - allocative efficiency , human capital , business , economics , industrial organization , public economics , capital (architecture) , economic growth , microeconomics , archaeology , history
New technologies are made possible by public and private R&D. Investments in education increase skills for decision making—denoted as allocative efficiency. In an environment with dynamic technology, farmers with more education are better able to make technology adoption decisions in a dynamic economic and technical environment. Societies have developed institutions and policies for sharing the costs of education and obtaining the benefits.