Mathematical and Quantitative Methods

HUMAN CAPITAL IN ECONOMIC GROWTH: A REVIEW OF THEORY AND EMPIRICS

Ralitsa Simeonova-Ganeva - Sofia University St. Kliment Ohridski
Received: 22 Jun 2022
Revised:
Published:
Downloads: 0
Citations: 0
Issue 7/2010
JEL E24 J24 O49 O11 N30

Abstract

Human capital has been considered as a factor in the macroeconomic production function for the first time in the seminal work of Lucas (1988). Later on, it was also used as a regressor in the empirical analysis of Mankiw, Romer and Weil (1990). Over the past twenty years, economists have explored the relationship between economic growth and human capital in numerous theoretical and empirical studies. The current paper attempts to review and generalize the developments of the theoretical and empirical models during this period as well as to summarize main findings regarding the impact of human capital on economic growth.

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