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the entire R & D is concentrated in the developed countries. Findings of the study reveals that since the industrial countries has greater stock of knowledge which has been accumulated through R & D activities, the developing countries may enhance its productivity by importing a larger variety of intermediate products and capital equipments embodying foreign knowledge and useful information. It might be costly for the developing countries to obtain this otherwise. They also found that R & D spillovers from the sample 22 industrial countries to the 77 developing countries were substantial during their sample period from 1971 to 1990.

Funk (2001) however found contrary results to that of Coe and Helpman (1995) and others, which suggests that international research spillovers occur primarily through imports. In order to determine the relationship between trade and growth, the study re-examined the role of trade in international transmission of the knowledge created in R & D. The study while employing the panel cointegration tests produced no evidence that research spillovers among the OECD countries are transmitted through imports, however it produced strong evidence indicating that exporters receive substantial research spillovers from their customers.

Madson (2007) while using a new data set on key variables such as imports of technology and total factor productivity for 16 OECD countries for the past 135 years tried to test Coe and Helpman hypothesis that whether knowledge has been transmitted internationally through the channel of trade? Empirical results of the study revealed strong relationship between TFP and imports of knowledge. It showed that around 93 percent of the increase in TFP over the sample period can be owed to imports of knowledge. Acharya and Keller (2007) also found in their study that imports are often a major channel in international technology transfer, while highlighting that international technology transfer varies importantly across countries.

Coe and Helpman (2009) sought to revisit the empirical analysis in Coe and Helpman (1995) on an expanded data set constructed for the purpose of the study. New estimates were found to confirm the key results in its previous study in 1995 about the impact of domestic and foreign R & D capital stocks on TFP. Further, institutional variables were included and were found important determinants of TFP. It was found that the countries with a relatively ease of doing business and high tertiary education system tend to benefit more from their own R & D efforts, international R & D spillovers and human capital formation.

Great Recession and Some Potential Reflections on Human Capital:
The debate for how the economic crisis might affect human capital formation and its effects on economic growth could be done extensively, though requiring sufficient time and thorough analysis of relevant sectors' data of different variables across the globe. However, for the purpose of this essay, only the potential links are discussed cursorily. It can safely be argued that all economies of the world have been seriously affected, however, the direction and intensity of the blows may differ across the globe [5] . The potential damage could largely be inflicted through financial and trade channels. Further it would be relevant to state that the intensity of damage (impact) also depends on the nature and sta