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The influence of human capital on economic growth

Simona LIPOVESCHI Broasca
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Simona LIPOVESCHI Broasca: Dunarea de Jos University of Galati, Romania

Risk in Contemporary Economy, 2018, 295-300

Abstract: Human capital is identified as one of the principal determinants of economic growth and plays an important role in the technological progress of countries. However, current studies neglect the importance of human capital in economic growth through the interaction they can have with the country's industrial specialties. In many studies, the focus is mainly on supply determinants, while demand factors are neglected. In this paper we will analyzed the direct and indirect effects of human capital on economic growth, including the interaction of human capital with the country's industrial specialization. The analysis is made on a dynamic panel data, and it was concluded that human capital and the countries’ productive specialization dynamics are crucial factors for economic growth. Anyhow, the sign of this effect depends on the type of country and the period of analysis.

Date: 2018
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