Specific and General Human Capital in an Endogenous Growth Model

Vourvachaki, Evangelia; Jerbashian, Vahagn; Slobodyan, Sergey

doi:10.2139/ssrn.2539848

Cited by 2 publications

(1 citation statement)

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“…Ochrana et al (2010) and Hamerníková and Maaytová (2012) analysed education funding, highlighting the importance of education for general economic development in the Czech Republic. Vourvachaki et al (2014) analysed the role of human capital in an endogenous growth model and showed that the gradual decentralization of the Czech educational system implied a declining share of specific human capital that can be associated with a lower rate of long-run growth. Chudárková and Verner (2012) investigated the relationship between higher education and economic growth in Austria and the Czech Republic and found that while in Austria higher education has a positive influence on the GDP per capita in the Czech Republic this relationship cannot be confirmed.…”

Section: Introductionmentioning

confidence: 99%

Higher Education and Economic Growth. A Comparison between Czech Republic and Romania

Oancea¹,

Pospisil²,

Dragoescu³

2017

Prague Economic Papers

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Although there is a strong theoretical framework for the economic growth and its relationship with education, the empirical evidence of this relationship is rather scarce. In this paper we investigated the causality and the long-run relationship between economic growth and higher education in the Czech Republic and Romania, using data series for 1980-2013 period. We used a VECM to analyse the long-run relationship between higher education and economic growth and Granger methodology to test the causality between variables. The results showed that higher education has an important positive effect on economic growth, although the impact level of the higher education on economic growth is different in the two countries. We also showed that there is a causality relationship that goes from higher education to economic growth for both countries.

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