Growth models emphasize advancements of technology as the engines of growth. Productivity improvements or technological advancement is a product of research and development (R&D) activities. Yet, a few developed countries (namely G7 countries) are performed almost ninety percent of R&D activities. Developing countries, on the other hand, can boost their productivity via importing new capital goods that embodying technological knowledge from developed countries. Moreover, absorption of the technology embodied in the imported capital goods depends to a large extent on human capital of the incumbent country. In this study a simple technology adoption model is employed for analyzing to what extent Turkey benefited from trade with developed economies in the last fifty years. This model describes a model economy that does not create new technologies but adopts those have been created in developed countries. In the context of this simple technology adoption model, this paper analyze the interrelationships among GDP per worker as a proxy for labor productivity, years of schooling as a human capital variable, imports from and exports to G7 countries and imports of machinery and equipment data of Turkey for the period 1950-2000. First, the time series properties of the variables are examined. Second, we test for long run equilibrium relationships between the variables by Johansen co-integration testing procedure. Then, a Vector Error Correction (VEC) model is estimated and the dynamic relationships between productivity, trade and human capital evaluated by using variance decompositions and impulse-response functions. The results suggest substantial knowledge spillovers from developed countries via imports of capital goods in the case of Turkey for the period 1950-2000.