Innovative Human Capital On Economic Growth

Human capital is defined as the sum of the value of physical labor and mental labor that are based on human intelligence and physical strength. The theoretical research have found that human capital play an important role in economic growth after the birth of the modern human capital theory. In the middle and late of 1980s, economists represented by Rome and Lucas created new study area of new economic growth theory: putting the human capital into economic growth model. In the era of knowledge economy, creative human capital plays a crucial role in economic growth. However, there is little study on creative human capital at present.Based on a whole idea of "raise question - define question -theoretical analysis - empirical analysis - conclude the discussion", this paper analyzes mechanism of impact of creative human capital on economic growth, does an empirical research on the impact of creative human capital on economic growth of China and does a comparative analysis after defining creative human capital and discussing how to measure it. The methods used are comparative analysis, statistical analysis, co-integration analysis, impulse response function analysis and variance decomposition analysis.The paper maintains that creative human capital is one kind of hdiosyncratic human capital that has an innovative knowledge reserve, has a significant creative nature and has an increasing marginal return in the long run. Creative human capital is mainly from national education and learning by doing, and there is representation and feasibility in measuring creative human capital from the perspective of higher education, number of patents and papers. Creative human capital influences economic growth mainly through influencing the speed of economic growth and the quality of economic growth and it is of decisive significance in modern economic growth. Creative human capital stock is inadequate and its level is not high in China. Although the output would increase by 0.65652% if the creative human capital stock increases by 1%, the impact of creative human capital stock on economic growth of China does not have the characteristic of increasing returns to scale. The role that the level of creative human capital promotes the economic growth of China has the feature of long-term sustainability.