Economic Growth Model Analysis And Empirical Study Of China

Economic growth is an eternal topic of human that always been focused on, which is affected by complex factors and relationships. This paper addresses that the study of economic growth should be base on the analysis of economic element system and causality research.In practice, use the quantifiable economic growth element system which is composed of human capital and material capital. And build the model at the basic of the system to research, which has been added the interactive item of economic elements as an explanation of the interactive course of causality. With this thought, deduce a dynamic economic growth error correction model added with an interactive item. Then take advantage of the model to study the interrelation between devoted elements and economic growth under the human capital and material capital element system, and finally discover the structure problem of human capital, material capital and economic growth, including cooperating and speed problem, which results in the departure of equilibrium of economic growth and becomes worse as time goes. So we suggest that the macro-control of government should tend to strengthen the devotion and management of human capital, shorten the course of material capital's change into benefit, and build up a well institutional platform for cooperative development of human capital and material capital. The innovation of this study can be concluded as followings.First, give a conclusion of the connotation of the economic system and economic element system, and the interrelation of these systems and causality. Point out that the study of economic growth should be base on the analysis of economic element system and causality research.Second, take the interactive item of the quantifiable devoted element as the description of the unquantifiable common elements in economic element system, deduce ARDL model and Error correction model added with interactive item. Apply the models to do demonstration with data of our country, and find out the mutual functional mechanism of economic growth with the integrative effect of long-term equilibrium correction, devoted elements' independent effect, interactive effect and robust effect.Third, empirical research concludes that the economic growth of our country has not come into a persistent, steady and normal route. And insist that the institutional construction should be directed by faith of harmonious development. Strengthen the devotion and management of human capital, advance the benefit of material capital, and promote both to develop cooperatively to weaken the negative effect of time lag and speed problems.