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Human Capital in the Context of Economic Growth

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  • George Cornel Dumitrescu

Abstract

In order to increase the capacity of an economy to produce goods and services a country needs to increase the quantity and quality of its factors of production: land, labor, time, information and capital. Along the history, there have always been dominant factors of production. Among these, one of the most important proved to be “man” seen, from the economic standpoint, as “human capital”. Human capital comprises knowledge, skills, talents, abilities, courage, intelligence, experiences, wisdom, health, some inherited and some acquired during lifelong learning (family, school, university, on-thejob learning, and training). Analyzing the literature in the field this paper focuses on the components that best define “human capital”: education, health, leadership, migration and innovation and, using statistical data available, tries to underline how well are these components represented in successful economies.

Suggested Citation

  • George Cornel Dumitrescu, 2015. "Human Capital in the Context of Economic Growth," Knowledge Horizons - Economics, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 7(2), pages 22-30, June.
  • Handle: RePEc:khe:journl:v:7:y:2015:i:2:p:22-30
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    References listed on IDEAS

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    1. anonymous, 1995. "Does the bouncing ball lead to economic growth?," Regional Update, Federal Reserve Bank of Atlanta, issue Jul, pages 1-2,4-6.
    2. Robert J. Barro, 2013. "Inflation and Economic Growth," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 121-144, May.
    3. Adams, Richard Jr. & Page, John, 2005. "Do international migration and remittances reduce poverty in developing countries?," World Development, Elsevier, vol. 33(10), pages 1645-1669, October.
    4. Benjamin F. Jones & Benjamin A. Olken, 2005. "Do Leaders Matter? National Leadership and Growth Since World War II," The Quarterly Journal of Economics, Oxford University Press, vol. 120(3), pages 835-864.
    5. Xavier Sala-I-Martin, 1997. "Transfers, Social Safety Nets, and Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 44(1), pages 81-102, March.
    6. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:

    1. George Cornel Dumitrescu & Ion Alexandru Tanase, 2016. "3D Printing – A New Industrial Revolution," Knowledge Horizons - Economics, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 8(1), pages 32-39, March.

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    More about this item

    Keywords

    Human capital; economic growth; leadership education; resources; remittances;
    All these keywords.

    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
    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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