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The effect of education on economic growth in Greece over the 1960--2000 period

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  • Constantinos Tsamadias
  • Panagiotis Prontzas

Abstract

This paper examines the impact of education on economic growth in Greece over the period 1960--2000 by applying the model introduced by Mankiw, Romer, and Weil. The findings of the empirical analysis reveal that education had a positive and statistically significant effect on economic growth in Greece over the period 1960--2000. The econometric model explained up to 66% of the variation of the economic growth rate through the variation of the independent variables (physical capital, human capital, and labor). More specifically, when the coefficient of education is estimated using time lags, the contribution of the annual differences of human capital growth to the annual differences of GDP growth has been estimated from an annual 0.64% up to 0.81%.

Suggested Citation

  • Constantinos Tsamadias & Panagiotis Prontzas, 2010. "The effect of education on economic growth in Greece over the 1960--2000 period," Education Economics, Taylor & Francis Journals, vol. 20(5), pages 522-537, August.
    • Handle: RePEc:taf:edecon:v:20:y:2010:i:5:p:522-537
    DOI: 10.1080/09645292.2011.557906
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    References listed on IDEAS

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    1. Robert J. Barro, 1998. "Determinants of Economic Growth: A Cross-Country Empirical Study," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522543, April.
    2. Magoula, T. & Prodromidis, K.P., 1999. "Education and Economic Growth in Greece," DEOS Working Papers 102, Athens University of Economics and Business.
    3. Magoula, T. & Prodromidis, K.P., 1999. "Education and Economic Growth in Greece," Athens University of Economics and Business 102, Athens University of Economics and Business, Department of International and European Economic Studies.
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    Cited by:

    1. Liping Liao & Minzhe Du & Bing Wang & Yanni Yu, 2019. "The Impact of Educational Investment on Sustainable Economic Growth in Guangdong, China: A Cointegration and Causality Analysis," Sustainability, MDPI, vol. 11(3), pages 1-16, February.
    2. Panagiotis PEGKAS & Constantinos TSAMADIAS, 2015. "Does Formal Education At All Levels Cause Economic Growth? Evidence From Greece," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 15, pages 9-32, June.
    3. Karatheodoros Anastasios & Tsamadias Constantinos & Pegkas Panagiotis, 2019. "The effects of formal educations’ levels on regional economic growth in Greece over the period 1995–2012," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 39(1), pages 91-111, February.
    4. Jorge Garza-Rodriguez & Natalia Almeida-Velasco & Susana Gonzalez-Morales & Alma P. Leal-Ornelas, 2020. "The Impact of Human Capital on Economic Growth: the Case of Mexico," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(2), pages 660-675, June.
    5. Panagiotis Pegkas, 2012. "Educational stock and economic growth The case of Greece over the period 1981-2009," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 62(1-2), pages 56-71, January -.
    6. I.A. Markina & Y.N. Safonov & O.I. Zhylinska & T.V. Gaidai, 2018. "Education Management in Ukraine in the Context of Global Economic Transformations," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 317-332.
    7. Amarakoon Bandara & Rajeev Dehejia & Shaheen Lavie-Rouse, 2017. "Access to Household Resources and Human Development: Evidence from Survey Data for Tanzania," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 18(3), pages 399-423, July.
    8. Hüseyin ŞEN & Ayşe KAYA & Barış ALPASLAN, 2018. "Education, Health, and Economic Growth Nexus: A Bootstrap Panel Granger Causality Analysis for Developing Countries," Sosyoekonomi Journal, Sosyoekonomi Society.
    9. Panagiotis Pegkas & Constantinos Tsamadias, 2014. "Does Higher Education Affect Economic Growth? The Case of Greece," International Economic Journal, Taylor & Francis Journals, vol. 28(3), pages 425-444, September.
    10. Hüseyin Sen & Ayse Kaya & Baris Alpaslan, 2015. "Education, Health, and Economic Growth Nexus: A Bootstrap Panel Granger Causality Analysis for Developing Countries," Economics Discussion Paper Series 1502, Economics, The University of Manchester.

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