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Human capital and economic growth revisited: A dynamic panel data study

George Agiomirgianakis (), Dimitrios Asteriou () and Vassilis Monastiriotis ()

International Advances in Economic Research, 2002, vol. 8, issue 3, 177-187

Abstract: This paper examines the role of human capital on economic growth by using a large panel of data including 93 countries. Given the cross-sectional character in most of the relevant studies, there is a possibility that when the long-run dynamics are considered, education might not be a significant determinant of growth. Following a dynamic panel data approach, the analysis indicates that education has, indeed, a significant and positive long-run effect on economic growth. Moreover, the size of this effect is stronger as the level of education (primary, secondary, and tertiary) increases. This has a straightforward policy implication that governments taking actions towards an expansion of their higher education may well expect larger gains in terms of higher economic growth in their countries. Copyright International Atlantic Economic Society 2002

Date: 2002
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