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Human Capital and Economic Growth: Time Series Evidence from Pakistan

By Faisal Faisal Sultan Qadri and Waheed Dr. Abdul Waheed

Abstract

Human capital is generally considered as a positive contributor in the economic growth. In this study, we estimate this relationship using time series data of Pakistan for the period 1978 to 2007. A health adjusted education indicator for human capital is used in the standard Cobb-Douglas production function confirms the long run positive relationship between human capital and the economic growth in Pakistan. A sensitivity analysis was also performed in order to check the robustness of the initial findings. The estimation results supported the findings of the previous studies that human capital is positively related to growth and also that the results are robust. The health adjusted education indicator was found to be a highly significant determinant of economic growth, which indicates that both the health and education sectors should be given special attention in order to ensure long run economic growth.

Topics: O47 - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence, E24 - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital, I18 - Government Policy; Regulation; Public Health, I21 - Analysis of Education
Year: 2011
DOI identifier: 10.1016/j.econmod.2014.05.021
OAI identifier: oai:mpra.ub.uni-muenchen.de:30654

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