Human Capital vs. Physical Capital: A Cross-Country Analysis of Human Development Strategies
AbstractThis study estimates a small simultaneous equation model using panel data from sixty-four countries for the years 1996 and 2004. The model is estimated by various techniques—OLS, TSLS, dummy variable approach introducing variation at the regional level, and fixed and random effect approaches introducing variation at the individual country level. The objective is to identify the importance of basic needs in human development strategies in Asia, Africa, and the rest of the world (ROW). The results show that income per capita has priority over basic needs expenditure in development strategies of all regions despite being quantitatively different. However, the importance of basic needs expenditure cannot be denied in terms of capabilities development (improvement in health) that ultimately increases productivity.
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Bibliographic InfoPaper provided by Pakistan Institute of Development Economics in its series PIDE-Working Papers with number 2009:51.
Length: 28 pages
Date of creation: 2009
Date of revision:
Human Capital; Physical Capital; Income Per Capita; Basic Needs Expenditures; Human Development;
Other versions of this item:
- Siddiqui, Rizwana, 2008. "Human Capital vs Physical Capital: A cross country analysis of human development strategies," MPRA Paper 13999, University Library of Munich, Germany, revised Dec 2008.
- Rizwana Siddiqui, 2009. "Human Capital vs. Physical Capital : A Cross-Country Analysis of Human Development Strategies," Labor Economics Working Papers 22982, East Asian Bureau of Economic Research.
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-08-02 (All new papers)
- NEP-DEV-2009-08-02 (Development)
- NEP-HAP-2009-08-02 (Economics of Happiness)
- NEP-HRM-2009-08-02 (Human Capital & Human Resource Management)
- NEP-SEA-2009-08-02 (South East Asia)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Sudhir Anand & Martin Ravallion, 1993. "Human Development in Poor Countries: On the Role of Private Incomes and Public Services," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 133-150, Winter.
- Richard J. Szal, 1980. "Operationalising the Concept of Basic Needs," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 19(3), pages 237-246.
- Rashida Haq & Uzma Zia, 2013. "Multidimensional Wellbeing: An Index of Quality of Life in a Developing Economy," Social Indicators Research, Springer, vol. 114(3), pages 997-1012, December.
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