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Human capital and growth
(2022-03-02) Koulouri, Argyri; Athens University of Economics and Business, Department of Economics; Philippopoulos, Apostolis; Vasilatos, Evangelos; Economides, George
Human capital has been part of the economics discourse for a few centuries, and many theoretical and empirical studies have been conducted to investigate its impact on economic growth. The objective of this dissertation is twofold. Firstly, it aims to arrange some of the most influential theoretical models on this subject according to two criteria; whether human capital is accumulated simultaneously with production (learning by doing) or aside of it, and whether it is affecting economic growth directly or indirectly through productivity. Secondly, it aims to gather representative empirical studies and summarise their findings. Overall, regarding formal education it seems that relatively recent studies, which have aimed to correct for endogeneity and omitted variable bias, have dispelled the significance of human capital as a direct determinant of growth, in contrast to older studies. However, human capital seems to be correlated with technology, hence the indirect effect of human capital through productivity enhancement is supported by various studies. Regarding learning by doing, the empirical studies have been mostly focusing on specific industries where its effect is supported by the data, while aggregate cross country studies also provide evidence in favour of spillover effects across industries.