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Human capital and economic growth: A macroeconomic model for Pakistan

Author

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  • Qadri, Faisal Sultan
  • Waheed, Abdul

Abstract

The paper presents a small macro model for Pakistan economy focusing the impact of investment in human capital on the key macroeconomic variables. The demand side is modeled along the Keynesian lines while the supply side is modeled as per neoclassical theory of production. This framework allows analyzing the effects of investment in human capital on supply side variables (like labor, physical and human capital) and demand side variables (like consumption and investment) at the same time.

Suggested Citation

  • Qadri, Faisal Sultan & Waheed, Abdul, 2014. "Human capital and economic growth: A macroeconomic model for Pakistan," Economic Modelling, Elsevier, vol. 42(C), pages 66-76.
  • Handle: RePEc:eee:ecmode:v:42:y:2014:i:c:p:66-76
    DOI: 10.1016/j.econmod.2014.05.021
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    References listed on IDEAS

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    1. Jonathan Temple, 2003. "Growth effects of education and social capital in the OECD countries," OECD Economic Studies, OECD Publishing, vol. 2001(2), pages 57-101.
    2. Hanif, M Nadim & Hyder, Zulfiqar & Lodhi, M Amin Khan & Khan, Mahmood ul Hassan & Batool, Irem, 2008. "A small-size macroeconometric model for Pakistan economy," MPRA Paper 22930, University Library of Munich, Germany, revised 2010.
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    10. Faisal Sultan Qadri, Faisal & Dr. Abdul Waheed, Waheed, 2011. "Human Capital and Economic Growth: Time Series Evidence from Pakistan," MPRA Paper 30654, University Library of Munich, Germany.
    11. Qaisar Abbas, 2000. "The Role of Human Capital in Economic Growth: A Comparative Study of Pakistan and India," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 39(4), pages 451-473.
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    Cited by:

    1. repec:gam:jsusta:v:11:y:2019:i:3:p:766-:d:202734 is not listed on IDEAS
    2. repec:eee:ecanpo:v:58:y:2018:i:c:p:131-140 is not listed on IDEAS
    3. Urgaia, Worku R., 2018. "The Role of Human Capital Resources in East African Economies," GLO Discussion Paper Series 218, Global Labor Organization (GLO).
    4. Arshad, Shahzad & Munir, Kashif, 2015. "Factor Accumulation and Economic Growth in Pakistan: Incorporating Human Capital," MPRA Paper 67012, University Library of Munich, Germany.
    5. repec:gam:jeners:v:12:y:2019:i:17:p:3343-:d:262290 is not listed on IDEAS
    6. Mustafa, Ghulam & Rizov, Marian & Kernohan, David, 2017. "Growth, human development, and trade: The Asian experience," Economic Modelling, Elsevier, vol. 61(C), pages 93-101.
    7. Iader Giraldo & Ricardo Arguello & Nataly Herrera, 2019. "Commodity Booms, Human Capital, and Economic Growth: An Application to Colombia," Working Papers MPIA 2019-12, PEP-MPIA.
    8. Karambakuwa, Tapuwa & Ncwadi, Ronney & Phiri, Andrew, 2019. "The human capital-economic growth nexus in SSA countries: What can strengthen the relationship?," MPRA Paper 95199, University Library of Munich, Germany.
    9. Mishra, Vinod & Smyth, Russell, 2015. "Estimating returns to schooling in urban China using conventional and heteroskedasticity-based instruments," Economic Modelling, Elsevier, vol. 47(C), pages 166-173.

    More about this item

    Keywords

    Human capital; Economic growth; Education; Model construction and estimation;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • I20 - Health, Education, and Welfare - - Education - - - General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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