HUMAN CAPITAL AND ECONOMIC GROWTH: EVIDENCE FROM WESTERN EUROPEAN AND CEECS COUNTRIES
HUMAN CAPITAL AND ECONOMIC GROWTH: EVIDENCE FROM WESTERN EUROPEAN AND CEECS COUNTRIES
In the economic literature, human capital is examined as a factor of economic growth by enhancing
labor productivity. Human capital increases the marginal product of physical capital, which leads to
further accumulation of physical capital, thereby increasing production and economic growth. In this
study, the effects of human capital factors on economic growth is examined for European countries
for the periods of 2008 to 2017. The European countries are categorized into two groups according to
their location. The human capital factors to be tested include educational and training side of human
capital. Panel data analysis is used for the estimation of the relationship. It is concluded that the quality
of mathematics and science schools has a positive effect on the growth of CEECs and the extension of
staff training has a positive effect on growth in Western European countries.
Keywords:
Human Capital Economic Growth, European Countries, CEECs, Panel Data,
___
- Aghion, P. and Howitt, P. (1998). Endogenous growth theory. The MIT Press, Cambridge, MA.
- Akpolat, A. G. (2014). The long-term impact of human capital investment on GDP: a panel cointegrated regression analysis. Economics Research International, 2014 :1-10.
- Awad, A. (2020). Which contributes more to economic growth in the Mena region: health or education? An empirical investigation. Journal of the Knowledge Economy, 12: 1119-1133.
- Bassanini, A. and Scarpetta, S. (2001). Does human capital matter for growth in OECD countries? evidence from pooled mean-group estimates. OECD Economics Department Working Papers, No. 282 :1-30.
- Becker, G. S. (1962). Investment in human capital: A theoretical analysis. Journal of Political Economy, 70 :9-49.
- Benhabib, J. and Spiegel, M. M. (1994). The role of human capital in economic development evidence from aggregate cross-country data. Journal of Monetary Economics, 34 (2): 143-173.
- Collin, M. and Weil, D. (2018). The effect of increasing human capital investment on economic growth and poverty. World Bank, Policy Research Working Paper, No. 8590 :1-28.
- Diebolt, C. and Hippe, R. (2018). The long-run impact of human capital on innovation and economic development in the regions of Europe. Applied Economics, 51 (5):1-22.
- Freire-Seren, M. J. (2001). Human capital accumulation and economic growth. Investigaciones Economicas, 25 (3): 585-602.
- Gujarati, D.N. (2003). Basic econometrics. Fourth Edition. McGraw-Hill. USA
- Gundlach, E. (1996). Human capital and economic development: a macroeconomic assessment. Kiel Working Paper, No. 778 :1-43.
- Hill, R.C., Griffiths, W.E. and Lim, G.C. (2011). Principles of econometrics. Fourth Edition. Wiley. USA
- Lucas, R.E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22 :3-42.
- Mankiw, N. G.; Romer, D. and Weil, D. N. (1990). A contribution to the empirics of economic growth. NBER Working Paper Series No. 3541 :1-45.
- Mehrara, M. and Musai, M. (2013). The relationship between economic growth and human capital in developing countries. International Letters of Social and Humanistic Sciences, 5 :55-62.
- Mincer, J. (1958). Investment in human capital and personal income distribution. Journal of Political Economy, 66 (4): 281-302.
- Nelson, R. R. and Phelps, E. S. (1966). Investment in humans, technological diffusion, and economic growth. The American Economic Review, 56 (½): 69-75.
- Ogbeifun, L. and Shobande, O. A. (2021). A reevaluation of human capital accumulation and economic growth in OECD. Journal of Public Affairs
- Pelinescu, E. (2015). The impact of human capital on economic growth. Procedia Economics and Finance, 22 :184-90.
- Pesaran, M.H., Shin Y. and Smith R. (1999). Pooled Mean Group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94 :621-634
- Romer, P. (1990). Human capital and growth: theory and evidence. NBER Working Paper, 3173.
- Solow, R. M. (1956). A Contribution to the theory of economic growth, The Quarterly Journal of Economics, 70 (1): 65-94.
- Tahir, M.; Hayat, A., Rashid K., Afridi, M. A. and Taiq, Y. B. (2020). Human capital and economic growth in OECD countries: some new insights. Journal of Economic and Administrative Sciences, 36 (4): 367- 380.
- Vinod, H. D. and Kaushik, S. (2007). Human capital and economic growth: evidence from developing countries. The American Economist, 51 (1): 29-39.
- Yerdelen Tatoğlu, F. (2012). Panel veri ekonometrisi: stata uygulamalı. İstanbul. 1. Baskı. Beta Yayınları.
- ISSN: 2636-8307
- Başlangıç: 2016
- Yayıncı: Marmara Üniversitesi
Sayıdaki Diğer Makaleler
IMPACT OF FDI AND DEVELOPMENT POLICIES ON WELFARE IN ZAMBIA
INDEX DECOMPOSITION ANALYSIS AND ENERGY CONSUMPTION OF TURKEY: 2000-2014
HUMAN CAPITAL AND ECONOMIC GROWTH: EVIDENCE FROM WESTERN EUROPEAN AND CEECS COUNTRIES
Kıvanç Halil ARIÇ, Siok Kun SEK, Vladan PAVLOVİC, Goranka KNEZEVİC
INDUSTRIAL STRUCTURAL TRANSFORMATION IN TURKEY
THE EFFECT OF COVID-19 ON THE INSURANCE SECTOR OF EMERGING MARKET COUNTRIES