| Human capital is a combination of human physical strength,health,experience,knowledge and skills.Like physical capital,human capital is one of the factors of economic growth and plays an important role in the economic growth of a country or region.At present,a large number of studies have fully affirmed the contribution of human capital to economic growth,and hold that human capital is the key to long-term economic growth.But the existing researches on education and health human capital are more and on public education and health human capital of the Government are less.After 30 years of reform and opening up,China’s economy has achieved remarkable development,and China has become the second largest economy of the world.At present,China has entered the ranks of middle-income countries.However,China’s current economic development has entered a “new normal”.As economic growth momentum declines and economic restructuring pressures increase,China’s economy may fall into the “middle-income trap”.Therefore,it is of great significance to study the public human capital investment of the government to realize the economic transition,skip the “middle income trap”,and maintain the economic development and social stability.Based on the theoretical and practical background,this paper studies the impact of public education and health human capital investment on economic growth from both theoretical and empirical aspects.In the theoretical analysis,this paper first briefly describes the connotation of human capital and the research object of this paper,and analyzes the domestic and foreign research results on the impact of public education and health human capital investment on economic growth.Secondly,this paper analyzes the existing theoretical model of economic growth,and then builds an endogenous growth model including public education and health human capital to analyze the impact of public education and health human capital investment on economic growth.The results show that the relationship between public health human capital investment and economic growth is “inverted U”.When public health human capital investment is insufficient,increasing public health human capital investment can promote economic growth,and when public health human capital investment is too much,the increase of public health human capital investment is not conducive to economic growth.The impact of public education human capital on economic growth is similar to that of public health human capital investment.When public education human capital investment is less,increasing the investment can promote economic growth,and when public education human capital investment is too much,increasing the investment is not conducive to economic growth.In the empirical analysis,this paper uses the systematic generalized moment estimation(SYS-GMM)to analyze the relationship between public education human capital investment,public health human capital investment,public infrastructure investment,physical capital,labor,aging and economic growth in China and the eastern,central,western and northeastern regions of China from 1998 to 2014.The results show that the public education human capital investment in the country and the four regions can promote the economic growth significantly.The promotion effects of eastern,central and northeastern regions are higher and the western region is lower.The public health human capital investment of the national and western regions has a significant negative impact on economic growth,and the investment of public health human capital in the eastern and central regions also has a negative impact on economic growth,but this effect is not significant.The public health human capital investment of northeast region has a positive effect on economic growth,but this effect is not significant.The government public infrastructure investment of the country and four regions has obvious promotion effect on economic growth.The promotion effect of physical capital and labor investment on economic growth is far less than that of public education human capital investment and public infrastructure investment.Aging of the country and the four regions has a positive effect on the economic growth.Finally,we summarize the conclusion of the study,and put forward some suggestions on public education and health human capital investment of China,that is to clear the economic development target and establish a flexible public expenditure structure,to enlarge the scale of government public education expenditure and improve the efficiency of public education investment,to adjust the public education investment structure and focus on the development of basic education and vocational education,to change the allocation of medical resources uneven situation and improve public health investment efficiency,to enhance people’s health awareness and strengthen medical personnel training. |
