Human Capital and Economic Growth: Empirical Evidence for South America
- Oscar Hernán Cerquera Losada
, - María de los Ángeles Clavijo Tovar,
- Carla Yanella Pérez Peña
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
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
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