Measuring the Effects of Human Capital on Growth in the Case of Romania
Journal Title: Annals of "Dunarea de Jos" University - Fascicle I. Economics and Applied Informatics - Year 2012, Vol 1, Issue 1
Abstract
It is obvious that human capital is critical for economic growth. The exploration of the impact of human capital on growth could bring valuable information for policy makers to substantiate their development strategies and to stimulate factors leading to economic growth. The paper aims to investigate the relationships between human capital and economic growth in the romanian economy by analyzing the correlations between statistical variables measuring human capital and economic growth. Using a regression model, it is analyzed the impact of the educational and health capital on the economic output. In the paper, a linear regression model of the relation of human capital to economic growth is subjet of an empirical analysis, firstly, taking into consideration only education as human capital and secondly, incorporating in the model the both components: health and education. A strong correlation between educational variables and GDP, for 1990-2010, was found. The quality of the educational capital has a determinant role in the economic growth, the highly educated people are influencing more the economic output than the secondary educated ones. GDP per capita is negatively correlated with the number of worked hours and positively influenced by the life expectancy. The most important contribution contained by this article refers to the incorporation of the two components of human capital in the same econometric model explaining the economic growth. The added value of paper consists in offering suggestions and orientation for national educational policies.
Authors and Affiliations
Olimpia NEAGU
Keywords
Related Articles
- EP ID EP140369
- DOI -
- Views 115
- Downloads 0
The Relationship between the Current World Crisis and Global Imbalances
The world economy currently experiencing the largest decline in the postwar period, dominated by a financial crisis that swept in a record time around the world. Many developed economies have entered into recession, the...
Bank Tax in the European Union
The imposition of bank tax is being discussed both in the Europe and the USA. A number of countries have already introduced this tax. However, the opinions of different countries on the issue are diversified. In this con...
American Depression Impact on Economical Relations between European Union and United States of America
The world economic crisis is a system crisis that has deep implications on country groups. For the developed countries the crisis means the diminishing of the economic increase rhythm, reduction of new work places creati...
The Financing Mechanism of the Social Health Insurance System in Romania and in other European Countries
The social insurance system is part of the social security system and it works based on the payment of a contribution through which risks and services defined by the law are insured. The social security system, independe...
Past and Future in the Evolution of US Policy in the Field of Competition
American competition policy is based on three normative acts: The Sherman Act, The Clayton Act and the Federal Trade Commission Act, even though they will see many amendments and different interpretations with time. Comp...