A reevaluation of human capital accumulation and economic growth in OECD
Bibliographic Data
| ID | 12705484 |
|---|---|
| Authors | Lawrence Ogbeifun (0000-0001-9249-6151, Department of Economics University of Mississippi Oxford Mississippi USA, corresponding author), Olatunji A Shobande (0000-0003-4528-1857, Business School University of Aberdeen Aberdeen Scotland) |
| Year | 2021 |
| Volume | 22 |
| Issue | 4 |
| Publication date | 2021-01-28 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Public Affairs (JOURNAL) |
| Journal identifiers | ISSN: 1472-3891 • E-ISSN: 1479-1854 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/pa.2602 |
| OpenAlex | W3129036426 |
| Language | EN |
| Citations received | 6 |
| References cited | 32 |
Over the last three decades, the renewed interest in key drivers of economic growth in OECD countries has been the central discourse. The argument is whether physical or human capital matters for the economic growth in these countries. This study contributes to the ongoing debate by exploring the connection between human capital accumulation and economic growth between 1986 and 2018 for a panel of 24 OECD countries. The empirical evidence is based on the fixed effect and two‐stage lease squares (2SLS). The result indicates that growth does not converge between countries. Further evidence shows that human capital, the savings rate, and the openness of trade play a vital role in OECD countries' economic growth. On the contrary, the findings show that life expectancy and inflation have adverse effects on growth. Thus, the study recommends the urgent need for intervention programs tailored toward improving research and development combined with investment in the well‐being of the people and the effective utilization of human capital to promote growth while mitigating inflationary pressure. Highlights The study flashlight on the link between human capital accumulation and economic growth It highlights various issues surrounding the gaps in Solow model. The evidenced is based on Pooled OLS, G2SLS, and FE‐IV regression. Our results indicate that human capital accumulation (education and health) has a positive and significant relationship with economic growth
Capital deepening · Capital formation · Development economics · Economic expansion · Economic growth · Economics · Empirical evidence · Financial capital · Human capital · Investment (military · Life expectancy · Macroeconomics · Monetary economics · Openness to experience · Physical capital · Political science · Economic Growth and Productivity · Fiscal Policy and Economic Growth · Global Health Care Issues
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Has information and communication technology improved environmental quality in the OECD? —a dynamic panel analysis
Has knowledge improved economic growth? Evidence from Nigeria and South Africa
A Skill Matrix Chart Case Study in Global Manufacturing
Human Capital and Regional Development
The New Growth Evidence
Growth Empirics
On the mechanics of economic development
Aid, Policies, and Growth
Economic Growth in a Cross Section of Countries
Increasing Returns and Long-Run Growth
Health as an Investment
Endogenous Technological Change
Convergence
Convergence and Modernisation
A Contribution to the Empirics of Economic Growth
A Contribution to the Theory of Economic Growth
Immigrants, Productivity, and Labor Markets
The Rise and Decline of General Laws of Capitalism
The Resurgence of Growth in the Late 1990s
| Unique citing works | 6 |
|---|---|
| Citations per year | 1,2 |
| Citation span | 2021 - 2025 (5) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 6 |