Human versus physical capital: issues of accumulation, interaction and endogeneity

Amir-ud-Din, Rafi; Usman, Muhammad; Abbas, Faisal; Javed, Sajid Amin

doi:10.1007/s10644-017-9225-2

Cited by 10 publications

(9 citation statements)

References 74 publications

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“…The empirical results of the three-stage least squares method and the fixed effect model showed that human capital accumulation had a significantly positive impact on physical capital. At the same time, physical capital had a significant impact on human capital accumulation [16]. In domestic research, the impact of human capital on economic development was not significant, while the impact of physical capital on economic development was quite significant.…”

Section: Human Capital Affecting Physical Capitalmentioning

confidence: 93%

Positive Influence of Regulated Human Capital Accumulation on Economic Growth: A Theoretical Model

Kang-ping¹,

Wu²

2022

ECO

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Human capital, as an important factor of production, directly promotes economic growth. On the other hand, it indirectly promotes economic growth by stimulating the accumulation of physical capital and improving the level of technological innovation. Therefore, human capital is the fundamental reason for economic growth. The key to make human capital play a long-term role is to correctly set the human capital accumulation equation. Different from the existing articles that set human capital accumulation equation from the perspective of human capital investment and physical capital investment, this paper focuses on the marginal output of physical capital. Based on the marginal output of physical capital, this paper makes human capital accumulation subject to a regulation that can completely offset the diminishing effect of physical capital marginal output and keep it at a reasonable level. This way of human capital accumulation is called "regulated" accumulation. The derivation of theoretical model proves that the regulated human capital accumulation, which is based on constant marginal output of physical capital, enables the growth rate of output to be constant and positive. Therefore, this paper finds the source of long-term economic growth from aspect of human capital. As the embodiment of a country's comprehensive strength and core competitiveness, human capital has important strategic significance and great potential in China's sustainable economic development. Regulated human capital accumulation can provide a new driving force for China's economic growth and promote long-term development.

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Section: Human Capital Affecting Physical Capitalmentioning

confidence: 93%

Positive Influence of Regulated Human Capital Accumulation on Economic Growth: A Theoretical Model

Kang-ping¹,

Wu²

2022

ECO

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“…The level of economic development is widely recognized as one of the most popular control variables in research, owing to the strong correlation identified between human capital proxies and the level of development. Consequently, several works include GDP per capita as a measure of development [25,27,31,33,[49][50][51][52][53]. As an example of the inconvenience of using this kind of variable, see the controversial results obtained by Amir-ud-Din, Usman, Abbas, et al [53] when using real GDP as a control variable.…”

Section: Level Of Developmentmentioning

confidence: 99%

Human Capital and Non-Renewable Natural Resources in Latin America and the Caribbean: ‘Is It a Curse or a Blessing’?

2023

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This study examines the role of non-renewable natural resources in the accumulation of human capital in a sample of eighteen Latin American and Caribbean countries from 1995 to 2018. We assess the influence of non-renewable resources through six distinct variables and employ panel data co-integration techniques (PMG-ARDL). Our findings reveal a positive long-run effect, whether measured by abundance or dependence indicators. Even in cases where negative short-run effects are observed, the positive impact is consistent in the long term. Furthermore, physical capital stock, institution quality, and a more open economy are the most important drivers of human capital accumulation in the region. Although the long-run effect of non-renewable natural resources on human capital was positive, the estimated elasticities account for a relatively low effect. Consequently, even in the absence of the ‘curse’ effect, we do not deem it appropriate to consider these results as a blessing.

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“…The calculation of the capital depreciation rate is the main issue for measuring capital stock. At present, the main methods for calculating the depreciation rate include assuming the depreciation rate (Wu, 2000;Wang and Yao, 2003), estimating the depreciation rate by using the depreciation amount (Escribá-Pérez et al, 2018;Amir-ud-Din et al, 2019), econometric analysis (Hernández and Mauleón, 2005;Ning and Diewert, 2011) and the relative efficiency method (Zhang, 2008;Wu et al, 2014;Long and Herrera, 2016). However, the objectivity of assuming the depreciation rate method is poor, which can easily lead to "expected self-realization."…”

Section: Environmental Governance Efficiencymentioning

confidence: 99%

Research on China's Environmental Governance Mode: Quality Driven or Quantity Driven?

Chen²,

Zhao³

et al. 2022

Front. Environ. Sci.

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High-quality environmental governance (EG) is closely related to its governance mode. Nevertheless, few studies have examined the EG modes from the dual perspectives of quality and quantity. This article utilizes panel data of 30 Chinese provinces from 2003 to 2020 to research the influence of environmental governance efficiency (EGE) and investment (EGI) on EG through a fixed-effect mode. The outcomes show that China’s EG is driven mainly by quantitative EGI. EGE and EGI show significant geographic regions, economic development levels, resource endowments, and stage heterogeneity to EG. In light of these conclusions, this article argues that the future needs to reasonably allocate EGI based on consideration of the heterogeneity of geographical regions, economic development levels, and resource endowments to optimize EGI structure and increase EGE in each province to achieve high-quality EG.

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Human versus physical capital: issues of accumulation, interaction and endogeneity

Cited by 10 publications

References 74 publications

Positive Influence of Regulated Human Capital Accumulation on Economic Growth: A Theoretical Model

Positive Influence of Regulated Human Capital Accumulation on Economic Growth: A Theoretical Model

Human Capital and Non-Renewable Natural Resources in Latin America and the Caribbean: ‘Is It a Curse or a Blessing’?

Research on China's Environmental Governance Mode: Quality Driven or Quantity Driven?

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