Dynamic Interaction Between Human Capital Accumulation and Economic Growth

Aysel Guliyeva (), Marina V. Faminskaya and Elena V. Potekhina
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Aysel Guliyeva: Azerbaijan State University of Economics
Marina V. Faminskaya: Russian State Social University
Elena V. Potekhina: Russian State Social University

A chapter in Consequences of Social Transformation for Economic Theory, 2023, pp 63-74 from Springer

Abstract: Abstract Our contribution focuses on the dynamic interaction between human capital accumulation and economic growth. In order to do so, it applies the toolkit of the classic economic theory and scrutinizes the provisions of the human capital formation and other key variables on economic growth. In addition, it evaluates the impact of education and other key variables on the economic growth of countries that have varying human development indicators. In order to adequately examine the impact of human capital accumulation on the GDP per capita increase, the link between the human capital accumulation and income inequality needs to be developed. The theoretical foundation allows us to estimate the effect of human capital accumulation and other variables on per capita GDP growth, drawing on an enhanced version of a neoclassical growth model. Our results call for the enhanced regulation of the human capital that needs to be fostered and supported by the decision-makers such as governmental officials responsible for the labor market policies and regulation of schooling, training as well as education that plays an important role in shaping up high-quality human capital and sustaining its quality and standards for the benefits it can bring for the society and economy.

Keywords: Human capital; Economic growth; Economic theory (search for similar items in EconPapers)
JEL-codes: J01 J24 O38 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-27785-6_5

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DOI: 10.1007/978-3-031-27785-6_5

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