Education and Economic Growth: an Empirical Analysis of Interdependencies and Impacts Based on Panel Data

Liana Son, Graţiela Georgiana Noja, Mihai Ritivoiu and Roxana Tolteanu
Additional contact information
Liana Son: Faculty of Economics and Business Administration, West University of Timisoara, Romania
Graţiela Georgiana Noja: Faculty of Economics and Business Administration, West University of Timisoara, Romania
Mihai Ritivoiu: Faculty of Economics and Business Administration, West University of Timisoara, Romania
Roxana Tolteanu: Faculty of Economics and Business Administration, West University of Timisoara, Romania

Timisoara Journal of Economics and Business, 2013, vol. 6, issue 19, 39–54

Abstract: The paper focuses particularly on proving that education can lead to economic growth within five groups of EU Member States. Our study reviews the human capital from its quantitative (years of study) and qualitative (education quality) dimensions, the empirical panel data analysis being based on three double-log models developed and processed through random and fixed effects. The main explanatory variables comprise the GDP per capita, the physical capital, the average number of years of schooling (for all three levels, especially tertiary education), the quality of education measured through scores on skill tests, the degree of international openness, life expectancy and inflation rate. Our results highlight that education is extremely important in positively influencing economic growth. Within this framework, the results emphasize that within the European Union there is a strong positive influence of education on economic growth, expressed mainly through an increase in GDP per capita growth rate, especially when the human capital is expressed by qualitative variables, while the quantitative variable’s importance is being greatly reduced.

Keywords: Human capital; economic growth; education; schooling; knowledge. (search for similar items in EconPapers)
JEL-codes: F43 J24 O47 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
http://www.tjeb.ro/index.php/tjeb/article/view/TJEB19_Aug2013_39to54/pdf (application/pdf)
http://www.tjeb.ro/index.php/tjeb/article/view/TJEB19_Aug2013_39to54 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wun:timjeb:tjeb:v06:y2013:i19:a03

Ordering information: This journal article can be ordered from
16 J. H. Pestalozzi Street, 300115 Timisoara Romania
http://www.tjeb.ro

Access Statistics for this article

Timisoara Journal of Economics and Business is currently edited by Mihaela Neamtu and Camelia Margea

More articles in Timisoara Journal of Economics and Business from West University of Timisoara, Romania, Faculty of Economics and Business Administration Contact information at EDIRC.
Bibliographic data for series maintained by Romeo Margea ().