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THE IMPACT OF HUMAN CAPITAL ON INNOVATION AND ECONOMIC GROWTH IN ROMANIA

Elena Pelinescu ()
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Elena Pelinescu: Institute for Economic Forecasting of the Romanian Academy

Internal Auditing and Risk Management, 2017, vol. 46, issue 2, 44-50

Abstract: The goal of the Europe 2020 strategy: smart, sustainable and inclusive growth would be achieved by using human capital and its abilities to innovate, to diffuse knowledge in manufacturing services, to develop creative industries and by making a great effort to create a research-intensive economy. The present paper highlights the impact of human capital on innovation and economic growth based on an econometric model. In our paper using annual data during 2000-2015, from UNESCO and Eurostat we prove a positive influence of human capital (expressed as gross enrolment in secondary school and the average personnel costs per employee in the Knowledge-intensive high-technology services) and innovation (expressed by patent application) on economic growth and productivity.

Keywords: human capital; innovation; economic growth (search for similar items in EconPapers)
JEL-codes: C1 O1 O3 O4 (search for similar items in EconPapers)
Date: 2017
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