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 107
- Downloads 0
Sustainable Development Focused on Reducing Regional Inequalities. Romania Progression as Emergent Economy
Decrease of regional disparities is one of the main goal for every single or mixed economy, such as national regions within Europe or European Union as a whole. Disparities occurrence are differently set up from on...
The Macroeconomic Outlook and the Impact of the Global Crisis in the Euro Area
This paper provides general analysis and evolution of macroeconomic and financial indicators in the euro area, during the recent crisis 2008-2009. The financial market turmoil that began in 2007 led to a severe global ec...
The Role of the Euro During and After Economical Crisis
The impact of the single currency on international capital markets has been one of the most abiding features of the euro’s historical development. In response to the global financial and economic crisis, governments acro...
Opportunity Analysis for Developing a Micropayment System in Local Area Networks
Although transactions with small amounts of cash are simple and quick, they still present drawbacks. The main issue is to drastically reduce costs for very small electronic payments and solutions have already started to...
Integration Perspectives of the Communication Management within Organizations’ Policy
While the marketing specialists reach the conclusion that building a brand in the XXI century signifies customer relationship development in a permission marketing approach, the public relations starts to be the pillar o...