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How Effective are School Years? Examining the Link Between Human Capital and Economic Growth in European Countries, 2014–2019

Ilona Ida Balog ()
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Ilona Ida Balog: PhD Student, University of Szeged, University Teacher, Károli Gáspár Reformed University

Public Finance Quarterly, 2021, vol. 66, issue 4, 467 - 481

Abstract: This paper wishes to contribute to the examination of the relationship between human capital and economic growth. Human capital is measured by the average number of finished schooling years and its effect on economic growth is estimated on novel data in European countries based on Benhabib and Spiegel’s 1994 model. Data from the period between 2014 and 2019 show a negative coefficient. In eastern countries in the analysis economic growth is generally higher than in Western-European countries. Economic growth in Hungary is higher than the estimated value explained by the analysed variables. The negative coefficient means that direct effect of intangible capital on the economy is more important than the effect of human capital measured by the number of schooling years. In the meantime reforms of the education systems are also needed in order to use human capital more efficiently.

Keywords: human capital; economic growth; education efficiency (search for similar items in EconPapers)
JEL-codes: E24 N10 N30 O11 O15 O47 (search for similar items in EconPapers)
Date: 2021
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Handle: RePEc:pfq:journl:v:66:y:2021:i:4:p:467-481