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Why Is Human Capital a Driver for Economic Growth?

Author

Listed:
  • Liparã Daniel

    („Alexandru Ioan Cuza” University of Iaºi, Doctoral School of Economics)

Abstract

This paper aims to explain if there is a link between human capital accumulation and/or formation and economic growth. In a knowledge-based economy, investing in human capital is a representative of a country’s economic power. Migration of brains or so called “brain drain” to developed areas is a result of human capital accumulation. This type of investment means an increase in labor productivity. Basically, with the same effort, individuals will achieve better results because of their superior training. Education is the base of human capital formation and the education level is directly proportional with the income level. Together with technological progress, they lead to economic growth. Human capital is an important factor that expresses the productivity of an individual and of a society too, thus having a crucial role in a knowledge-based economy.

Suggested Citation

  • Liparã Daniel, 2011. "Why Is Human Capital a Driver for Economic Growth?," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1160-1165, May.
    • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:1160-1165
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    File URL: http://stec.univ-ovidius.ro/html/anale/RO/cuprins%20rezumate/rezumate2011p1.pdf
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    Citations

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    Cited by:

    1. Paz Grimberg & Zeev Schuss, 2014. "Stochastic model of a pension plan," Papers 1407.0517, arXiv.org.

    More about this item

    Keywords

    human capital; economic growth; labor productivity; education;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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