Skip to main navigation menu Skip to main content Skip to site footer

Vol. 41 No. 73 (2022)

Economic policy

Human Capital and Economic Growth: Empirical Evidence for South America

https://doi.org/10.19053/01203053.v41.n73.2022.13679

Published 2022-02-22

  • Oscar Hernán Cerquera Losada
    • ,
  • María de los Ángeles Clavijo Tovar
    • ,
  • Carla Yanella Pérez Peña

Oscar Hernán Cerquera Losada
Universidad Surcolombiana - USCO

María de los Ángeles Clavijo Tovar
Universidad Surcolombiana

Carla Yanella Pérez Peña
Universidad Surcolombiana

Abstract

This paper evaluates the relationship between education and economic growth in 8 South American countries for the period 2003-2018. A model of fixed effects panel data was estimated. As a measure of human capital two indicators were used, the United Nations Development Programme (UNDP) Education Index, and the Penn World Table 10.0 (PWT) human capital index; the purpose is to determine which of the two measures of human capital best explain the relationship between education and growth in South American economies. The results showed that exports per capita, education expenditure, fertility rate and gross capital formation are positively related to output per capita, and given the context of South American economies, the education index calculated by UNDP seems to be the most accurate indicator to measure the relationship between human capital and economic growth.

Keywords

Economic growth, human capital, education, panel data, fixed effects

XML (Español) PDF (Español)

Author Biography

Oscar Hernán Cerquera Losada

Docente de tiempo completo de planta del programa de Economía de la Universidad Surcolombiana

Estudiante del docorado en Ciencias Económicas de la Universidad de Buenos Aires.

Magiter en Economía de la Universidad de Buenos Aires.

Economista de la Universidad Surcolombiana

Investigador Asociado del Ministerio de Ciencia, Tecnología e Innovación

Investigador del Obervatorio Regional del Mercado de Trabajo

Investigador del Grupo de Investigación IGAQUE de la Universidad Surcolombiana

References

  1. Akhvlediani, T., & Cieślik, A. (2019). Human Capital, Technological Progress and Technology Diffusion Across Europe: Education Matters. Empirica, 1-19. DOI: https://doi.org/10.1007/s10663-019-09468-z
  2. Alemán, D. (2020). Crecimiento económico y capital humano: evidencia empírica en las regiones del Perú periodo 2007-2018. (Tesis para optar el título profesional de ingeniero economista). Facultad de Ingeniería Económica, UNA, Puno.
  3. Angrist, N., Djankov, S., Goldberg, P. K., & Patrinos, H. A. (2021). Measuring Human Capital Using Global Learning Data. Nature, 592(7854), 403-408. https://doi.org/10.1038/s41586-021-03323-7 DOI: https://doi.org/10.1038/s41586-021-03323-7
  4. Arrow, K. J. (1962, June). The Economic Implications of Learning by Doing. The Review of Economic Studies, 29(3), 155–173. DOI: https://doi.org/10.2307/2295952
  5. Barro, R. J. (1990, Oct.). Government Spending in a Simple Model of Endogeneous Growth. journal of Political Economy, 98(5), 103-125. https://doi.org/10.1086/261726 DOI: https://doi.org/10.1086/261726
  6. Barro, R. J., & Lee , W. J. (2013). A New Data Set of Educational Attainment in the World. Journal of Development Economics, 104, 184-198. https://doi.org/10.3386/w15902 DOI: https://doi.org/10.1016/j.jdeveco.2012.10.001
  7. Becker, G. S. (1964). Human Capital: A Theoretical And Empirical Analysis, with Special Reference to Education (3th ed.).The National
  8. Bureau of Economic Research. https://books.google.com.co/books?hl=es&lr=&id=9t69iICmrZ0C&oi=fnd&pg=PR9&ots=WywtqURtkT&sig=A4OpJfRrMkz_DKQkmPYunJ5pVEE&redir_esc=y#v=onepage&q&f=false
  9. Becker, G. S. (1981). A Treatise on the Family. Harvard University Press.
  10. Caselli, F. (2005). Chapter 9. Accounting for Cross-Country Income Differences. Handbook of Economic Growth, 1(A), 679-741. DOI: https://doi.org/10.1016/S1574-0684(05)01009-9
  11. Cohen, D., & Soto, M. (2007). Growth and Human Capital: Good Data, Good Results. Journal of Economic Growth, 12(1), 51-76. https://doi.org/10.1007/s10887-007-9011-5 DOI: https://doi.org/10.1007/s10887-007-9011-5
  12. Cohen, D., & Leker, L. (2014, April). Health and Education: Another Look with the Proper Data. Center for Economic and Policy Research, Discussion Paper No. DP9940. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2444963
  13. Denison, E. F. (1962). The Sources of Economic Growth in the United States and the Alternatives Before Us. In E. F. Denison, The Sources of Economic Growth in The United States and the Alternatives Before Us. (p. 352). Committee for Economic Development.
  14. Favila, A. (2018). La educación como determinante del crecimiento económico de México, 1990-2014. Revista Científica Europea, 14(13), 1-15. https://doi.org/10.19044/esj.2018.v14n13p147 DOI: https://doi.org/10.19044/esj.2018.v14n13p147
  15. Feenstra, R., Inklaar, R., & Timmer, M. (2015). The Next Generation of the Penn World Table. American Economic Review, 105(10), 3150-3182. https://doi.org/10.15141/S5Q94M DOI: https://doi.org/10.1257/aer.20130954
  16. Galor, O. (2005). Chapter 4 From Stagnation to Growth: Unified Growth Theory. P. Aghion, & S. N. Durlauf (edits.) ScienceDirect, 1, 171-293. https://doi.org/10.1016/S1574-0684(05)01004-X DOI: https://doi.org/10.1016/S1574-0684(05)01004-X
  17. Galor, O. (2011). Unified Growth Theory. Princeton University Press. https://doi.org/10.1515 / 9781400838868 DOI: https://doi.org/10.1515/9781400838868
  18. Garza-Rodriguez, J., Almeida-Velasco, N., Gonzalez-Morales, S., & Leal-Ornelas, A. P. (2020). The Impact of Human Capital on Economic Growth: The Case of Mexico. Journal of the Knowledge Economy, 11(2), 660-675. DOI: https://doi.org/10.1007/s13132-018-0564-7
  19. Gujarati, D., & Porter, D. (2009). Econometría. En Econometría (5.a ed.). McGraw Hill.
  20. Hausman, J. A. (1978, Nov.). Specification Tests in Econometrics. Econometrica, 46(6), 1251-1271. https://www.jstor.org/stable/1913827 DOI: https://doi.org/10.2307/1913827
  21. Hernández, R., Cuevas, A., Leal, B., & Mendoza, C. (2016). Enseñanza-aprendizaje de ciencia e investigación en educación básica en México. Electrónica de Investigación Educativa., 18(3), 187-200.
  22. Kaldor, N. (1961). Capital Accumulation and Economic Growth. In N. Kaldor (ed.), Capital Accumulation and Economic Growth (pp. 177-222). Palgrave Macmillan UK. https://doi.org/10.1007/978-1-349-08452-4_10 DOI: https://doi.org/10.1007/978-1-349-08452-4_10
  23. Kerlinger, F. (2002). Investigación del comportamiento. Técnicas y metodología. McGraw-Hill.
  24. Kocourek, A., & Nedomlelová, I. (2018). Three Levels of Education and the Economic Growth. Applied Economics, 50(19), 2103-2116. DOI: https://doi.org/10.1080/00036846.2017.1388910
  25. Krueger, A. B., & Lindahl, M. (2001). Education for Growth: Why and for Whom? Journal of Economic Literature, 39(4), 1101-1136. https://www.aeaweb.org/articles?id=10.1257/jel.39.4.1101 DOI: https://doi.org/10.1257/jel.39.4.1101
  26. Kumar, C. S. (2006). Human Capital and Growth Empirics. The Journal of Developing Areas, 40(1), 153-179. https://doi.org/10.1353/jda.2007.0006 DOI: https://doi.org/10.1353/jda.2007.0006
  27. López-Pueyo, C., Barcenilla, S., & Giménez, G. (2018). The Two Faces of Human Capital and their Effect on Technological Progress. Panoeconomicus, 65(2), 163-181. https://doi.org/10.2298/PAN151002014L DOI: https://doi.org/10.2298/PAN151002014L
  28. Lucas, R. (1988). On the Mechanism of Economic Development. Journal of Monetary Economics, 22(1), 3-42. https://www.sciencedirect.com/science/article/abs/pii/0304393288901687 DOI: https://doi.org/10.1016/0304-3932(88)90168-7
  29. Maneejuk, P., & Yamaka, W. (2021). The Impact of Higher Education on Economic Growth in ASEAN- 5 Countries. Sustainability, 13(2), 1-22. https://ideas.repec.org/a/gam/jsusta/v13y2021i2p520-d476443.html DOI: https://doi.org/10.3390/su13020520
  30. Mankiw, N. G., Romer, D., & Weil, D. N. (May de 1992). A Contribution to the Empirics of Economic Growth. The Quarterly Journal of Economics, 107(2), 407-437. https://doi.org/10.2307/2118477 DOI: https://doi.org/10.2307/2118477
  31. Mincer, J. (1958). Investment in Human Capital and Personal Income Distribution. The Journal of political Economy, 66(4), 281-302. https://www.journals.uchicago.edu/doi/abs/10.1086/258055 DOI: https://doi.org/10.1086/258055
  32. Odhiambo, N. M. (2020). Education and Economic Growth in South Africa: An Empirical Investigation. Revista Internacional de Economía Soical, 48, 1-21. https://ideas.repec.org/a/eme/ijsepp/ijse-04-2020-0259.html DOI: https://doi.org/10.1108/IJSE-04-2020-0259
  33. Padilla, V. A. (2020). La educación y el crecimiento económico en el Ecuador durante el período 1990 – 2017. (Proyecto de investigación, previo a la obtención del título de economista). Universidad Técnica de Ambato. http://repositorio.uta.edu.ec/bitstream/123456789/30874/1/T4741e.pdf
  34. Pritchett, L. (2001, Oct.). Where Has All the Education Gone? The World Bank Economic Review, 15(3), 367-391. https://doi.org/10.1093/wber/15.3.367 DOI: https://doi.org/10.1093/wber/15.3.367
  35. Programa de las Naciones Unidas para el Desarrollo. (2020, 21 de jul.). Informes de desarrollo humano / Índice de educación. Human Development Reports. http://hdr.undp.org/en/indicators/103706
  36. Psacharopoulos, G. (1994, Sep.). Returns to Investment In Education: A global update. World Development, 22(9), 1325-1343. https://doi.org/10.1016/0305-750X(94)90007-8 DOI: https://doi.org/10.1016/0305-750X(94)90007-8
  37. Psacharopoulos, G., & Patrinos , H. A. (2004, Aug.). Returns to Investment in Education: A Further Update. Education Economics, 12(2), 111-134. https://doi.org/10.1080/0964529042000239140 DOI: https://doi.org/10.1080/0964529042000239140
  38. Romer, P. (1986). Increasing Returns and Long Run Growth. Journal of Political Economy, 94, 1002-1037. DOI: https://doi.org/10.1086/261420
  39. Romer, P. M. (1990). Capital, Labor, and Productivity. In Brookings Papers on Economic Activity. Microeconomics, vol. 1990 (pp. 337-367). University of Chicago. https://doi.org/10.2307/2534785 DOI: https://doi.org/10.2307/2534785
  40. Schultz, T. W. (1960). Capital Formation by Education. Journal of Political Economy, 68(6), 571-583. https://www.journals.uchicago.edu/doi/abs/10.1086/258393 DOI: https://doi.org/10.1086/258393
  41. Smith, A. (1776). La riqueza de las naciones. C. Rodríguez Braun (trad.). Titivillus. https://www.memoriapoliticademexico.org/Textos/1Independencia/Imag/1776-AS-LRN.pdf
  42. Strauss, J., & Thomas, D. (1995). Chapter 34 Human Resources: Empirical Modeling of Household and Family Decision. In J. Strauss, & D. Thomas (eds.), Handbook of Development Economics, vol. 3 (pp. 1883-2023). Elsevier. https://doi.org/10.1016/S1573-4471(05)80006-3 DOI: https://doi.org/10.1016/S1573-4471(05)80006-3
  43. Vera, J., & Kristjanpoller, W. (2017). Causalidad de Granger entre composición de las exportaciones, crecimiento económico y producción de energía eléctrica: evidencia empírica para Latinoamérica. Lecturas de Economía, (86), 25-62. https://doi.org/10.17533/udea.le.n86a02 DOI: https://doi.org/10.17533/udea.le.n86a02
  44. Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. (2nd ed.). The MIT Press.
  45. Wooldridge, J. M. (2015). Introductory Econometrics: A Modern Approach. (5th ed.). Cengage Learning.
  46. Xu, Y., & García González, M. (2021). Análisis histórico de la vinculación entre la educación superior y el desarrollo económico en China. Revista Cubana de Educación Superior, 40(1).
  47. Zhang, X., & Wang, X. (2021). Measures of human capital and the mechanics of economic growth. China Economic Review, 68. https://doi.org/10.1016/j.chieco.2021.101641 DOI: https://doi.org/10.1016/j.chieco.2021.101641
  48. Zuniga, P. (30 de Octubre de 2018). Educación y crecimiento económico: análisis e implicancias. Economía y Administración (E&A), 9(1), 1-14. https://doi.org/10.5377/eya.v9i1.6654 DOI: https://doi.org/10.5377/eya.v9i1.6654

Downloads

Download data is not yet available.

Most read articles by the same author(s)

Similar Articles

1 2 3 4 5 6 7 8 9 10 > >> 

You may also start an advanced similarity search for this article.