Empirical Analyse Of Human Capital Contribution To Our Country Economic Growth

This paper adduced a more scientific and practical definitions for the concept of human capital after have thoroughly articulation about its characteristic and definition. Then under different definition of human capital that defined by individual economists, the author enumerates three distinctive econometric methods for human capital, namely the accumulated cost method, the future revenues method and educational stock method. After comparison of the pros and cons of the three methods, the educational stork method is an effective method especially caters to our country's available data resources although it still has some drawbacks. So that the author make some improvement on the educational stock method and do some empirical research base on the time scale from 1978-2002. This method is the basic empirical tool for the following parts of the paper.Latterly in this paper, some endogenous economics growth model that included effective Labor models and human capital externalities models were served as empirical tool for further empirical analysis. The results demonstrated that: between 1978-2002, the ever-increasing physical capital investment lead to the rapid growth of China's economy while China's human capital and technology served as integrated forces that contribute to economic growth is relatively love if we compare its developed country counterparts. Rapid economic growth is at the expense of excessive consumption of resources, environmental pollution. The rapid growth of these period of our country is an extensive growth pattern that will act as a shackle for sustained, stable and healthy economic development.Human capital as the most positive factor in economic growth will undoubtedly play an even more important role in economic growth. Education is the most important human capital formation way, therefore the author choose education as a stock of human capital replacement variables for the empirical analysis and sought to find the cause that why the human capital contribution to economic growth is so inadequate than some developed country. After empirical analysis the author draw some conclusions. There are some problems for our education system as far as the strength and direction of investment are concerned: total funds inadequate, three levels of investment in education imbalances, interregional, between urban and rural investment imbalance. These...