Dynamic Panel Analysis of Influence of Quality of Human Capital on Total Factor Productivity in Old European Union Member States
Adam Balcerzak () and
Michal Pietrzak ()
A chapter in 16th International Scientific Conference Globalization and Its Socio-Economic Consequences. University of Zilina, The Faculty of Operation and Economics of Transport and Communication, Department of Economics, 5th – 6th October 2016. (Part I.), 2016, vol. I, pp 96-103 from Institute of Economic Research
Improving productivity is the main determinant of long term development. In the EU in Europe 2020 strategy special attention was given to the role of quality of human capital (QHC) as an important determinant of productivity growth. In this context the aim of the article is to assess the impact of the QHC on total factor productivity (TFP) in “old” EU countries. The research is conducted at macroeconomic level. EU economies must build their competitiveness in reality of knowledge-based economy. Thus, the QHC was analysed from the point of view of global knowledge economy. This factor was treated as a multidimensional phenomenon. As a result, it was measured with application of TOPSIS method, which allowed to obtained time series for dynamic panel analysis of determinants of TFP. In order to evaluate TFP parameters of the Cobb-Douglas production function for developed EU countries were estimated. Then, the relationship between the QHC and the level of TFP was assessed with application of dynamic panel model. The research was based on Eurostat data for the years 2000-2010. It confirmed a significant influence of the QHC on the level of TFP in the analysed economies.
Keywords: panel model; TOPSIS; TFP; quality of human capital; EU countries (search for similar items in EconPapers)
JEL-codes: O47 C23 C38 (search for similar items in EconPapers)
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Persistent link: http://EconPapers.repec.org/RePEc:pes:ecchap:25
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