| Economic growth is always the focus of many economics, government relevantfunction departments and entrepreneurs. Moreover, along with the definition of humancapital being clear and concrete, Lucas and Romer have successfully proposed andimproved endogenous economic growth model.And through more and more empiricalresearch by many economists, such as Schultz and Barro, etc, they have come to thesame conclusion that human capital investment is the key and endogenous factor toachieve more production and faster speed of economic growth.This paper selects and adopts Lucas Human Capital Model to estimate the effects ofhuman capital investment to the economic growth of western China, after review andreference of mainly relevant theory about human capital investment and economicgrowth and relevant empirical models. Specifically, on basis of analysis of currentsituation of human capital investment in western China11districts, this paper mainlyestimates and measures the actual stock of human capital and material capital throughcontinuous inventory method after readjusting price change. And then, this paper usesstatic panel data to accomplish empirical analysis of human capital investment andeconomic growth, and gets this paper most important empirical conclusions.The main research conclusions of this paper are that the human capital investment isthe key and endogenous factor to promote economic and production growth in theseregions, but the contribution degree of human capital is far lower than the contributiondegree of material capital. Moreover, we can’t ignore this fact that different incentivesystem and policy implemented by different regions will get different constant termwhich represents the operating efficiency of human capital and material capital. Theinnovation of this paper is the method of human capital estimation and measure to putmany most importantly key factors into one index--human capital stock, and this paperadopts Lucas Human Capital Model to carry out empirical analysis. However, this paperhas some shortcomings to improve, that training investment and migration investmentare not taken into the estimation and measure of human capital stock and the actually mutual effects of these two factors are only raised by theoretical hypothesis and notdemonstrated by empirical research. |
