The International Institute for Science, Technology and Education (IISTE)
Abstract
This study empirically verifies the contributions of human resource development (HRD) efforts in the growth process of Bangladesh. In order to conduct the empirical analysis, a hypothetical growth model is constructed in light of two prominent endogenous growth models, ie, Lucas (1988) and Romer (1986, 1990), and a couple of econometric tests, ie, Augmented Dickey-Fuller (ADF) unit root test and Engle-Granger cointegration are done. In this research, the Engle-Granger cointegration tests have suggested a positive correlation between HRD activities and economic growth process of Bangladesh. Among the HRD activities, investments in education have played a stimulating role and R&D expenditures have made a weak but positive contribution in growth. Besides HRD, there is also evidence that ‘exports’ have played an important role in Bangladesh’s growth. Keywords: Growth theory, HR development, Bangladesh, Unit root test, Cointegration tes
