Human Capital And Economic Growth

The fast growth of economy is the development goal of every country. And it mainly depends on it's the quantity and quality of the human capital, the level of scientific research and the ability of innovation. So, the research of the influence mechanism of human capital and economic growth has important realistic meanings.This paper will be divided into four parts. Firstly, we review the western economic growth theory from classical—meo-classicalâ†'new theory of economic growth; summarize the research results of a domestic and international scholar about human capital and economic growth. Secondly, we introduce the concept, the way and quantization method of the human capital; estimate the stock of human capital of China especially. We also investigate China's education and scientific research, material capital and their impact on economic growth, and the cointegration and causality between every factor and economic growth variable and the structural change in the course of economic growth. Thirdly, we build the parameter and semi parameter models China's economic growth; compare it with the linear regression model in order to draw the more meaningful conclusion. Fourthly, according to the conclusion mentioned above and the existing problem in the growth of Chinese education and human capital, we put forward the strategy of human capital's development that can promote the economic growth continuously and fast.The innovation of this paper is mainly on the quantitative research method. It is as follows: First, we estimate the human capital stock of China by using latest computing method in the world at present. Second, we test economic variable by using integration, cointegration and causality test, so we can avoid conspicuous regression. We estimate the structural change of the economic growth with the fictitious regression model. Third, we build the parameter and semi parameter model of China's economic growth. We estimate the model and compare them with the traditional multi-linear regression model. We attempt to carry on some new exploration on the research approach.