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Human Capital: Cause And Effect Of The Economic Growth. An Empirical Analysis

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  • NEAGU OLIMPIA

    ()

    ("Vasile Goldis" Western University of Arad,)

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    From the birth of the human capital theory, economists were interested to find evidences showing the impact of the human capital on the economic output, discussing and debating more or less the effect of economic growth on the accumulation of human capital in the economy and the association between education and health. The paper aims to test several econometric models to explain the relationship between human capital and economic output. Using World Bank data, 17 countries with the fastest economic growth rate during 1960-2010 were selected. Four econometric models are tested to explain the accumulation of human capital as input and as effect of economic output. Correlation coefficients were calculated to highlight the association between education and life expectancy. The paper demonstrates that human capital, in his two components (education and health), in countries with a fast growth rate, are positively and strongly related to the economic output, in both senses, human capital being input and output of the economic growth. On the one hand, the economic growth adds to the resources available in the economy for improvements in health and education and, on the other hand, human capital is influencing significantly the economic output. Education and health are interrelated, being positively and strongly associated.

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    File URL: http://anale.steconomiceuoradea.ro/volume/2013/n1/077.pdf
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    Article provided by University of Oradea, Faculty of Economics in its journal The Journal of the Faculty of Economics - Economic.

    Volume (Year): 1 (2013)
    Issue (Month): 1 (July)
    Pages: 726-735

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    Handle: RePEc:ora:journl:v:1:y:2013:i:1:p:726-735
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    1. Eric Hanushek & Ludger Woessmann, 2012. "Do better schools lead to more growth? Cognitive skills, economic outcomes, and causation," Journal of Economic Growth, Springer, vol. 17(4), pages 267-321, December.
    2. Schultz, T. Paul, 2003. "Human capital, schooling and health," Economics & Human Biology, Elsevier, vol. 1(2), pages 207-221, June.
    3. Mikael Lindahl & Alan B. Krueger, 2001. "Education for Growth: Why and for Whom?," Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1101-1136, December.
    4. Andreas Savvides & Theofanis P. Mamuneas & Thanasis Stengos, 2006. "Economic development and the return to human capital: a smooth coefficient semiparametric approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(1), pages 111-132.
    5. David N. Weil, 2005. "Accounting for the Effect of Health on Economic Growth," NBER Working Papers 11455, National Bureau of Economic Research, Inc.
    6. Eric A. Hanushek & Dongwook Kim, 1995. "Schooling, Labor Force Quality, and Economic Growth," NBER Working Papers 5399, National Bureau of Economic Research, Inc.
    7. Alan Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," Working Papers 808, Princeton University, Department of Economics, Industrial Relations Section..
    8. Barro, Robert J. & Lee, Jong Wha, 2013. "A new data set of educational attainment in the world, 1950–2010," Journal of Development Economics, Elsevier, vol. 104(C), pages 184-198.
    9. T. Paul Schultz, 2003. "Human Capital, Schooling and Health Returns," Working Papers 853, Economic Growth Center, Yale University.
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