Economic Growth Of China And Human Capital

This article mainly dicessed the relationship between human capital and economic growth, especially the relationship between human capital and the economic growth of China.Since our country's reformation and opening in 1978, the speed of economic growth is great.And allof the world pay much attention to China's progress.The theory of western new-economic growth and the theory of human capital have proved that the human capital is the basic factor of economic growth in western develeped country and newly industried country, and the investment and accumulation of human capital is the base of the sustainable economic growth. So, what's the relationship between human capital and China's economic growth? In the press of the economic growth of China, how much is the contribution of human capital?Based on this, the main contents and configuration of analysis are following:1 .This article summarized the achievement about the theory of human captial and economic growth, and put forward that human captial is the captial of investment on human. Then, from human captial's factor function and knowledge and external effect ,the article analyed human captial's great effect on economic growth, and established the model of effective labor input and the model of human captial externality.2.Drawing the method of econometric analysis, comparative dynamic analysis, empirical and functinal analysis , this artical analyzed the correlationship between human captial and economic growth of China, and tested the causationship and cointegrationship between them. The conclusionis following:Human captial greatly contributes to economic growth of China, but it isn't the main reason for economic growth. There aren't causationship between them. The time series of human captial and GDP of China are both non-stationary series, there is cointegrationship between them in the long run.3.With the method of dynamic analysis, the artical looked back the histry of China's economic growth from 1978 to 2001. Based on the regression analysis,this article computed human capital'prodution elasticity and the contrbution rate to economic growth of China. The results show: The relationship between GDP and input factors has the features of Cobb-Dauglas production function. The estimation of the model of effective labor input and the model of human capital externality has passed signficance test. Human capital has a deep relationship to the economy and it has a significantly external effect on non-human capital factors. The rate thathuman capital contributes to the economic growth is 30.3%, the direct and indirect rates are 26.4% and 3.89% respectively.