A Study On The Relationship Between Human Capital Stock And Economic Growth In Henan Province

American economist Schultz believed that in addition to the traditional capital and labor force has an important impact on economic growth,there is a factor that was not found,it was human capital.Human capital factors were incorporated into the model of economic growth.After the publication of the works of Romer and Lucas,economists began to study the long-term mechanism of economic growth with human capital as the starting point.The spillover of knowledge and the external interests of human capital make capital accumulation avoid diminishing returns,so human capital is seen as a source of long-term economic growth.Henan Province,the economy is in a critical period of development,the model of economic growth is changing,the original capital investment has been unable to meet the general needs of economic growth.According to the theory of neoclassical economic growth,material capital investment is affected by diminishing returns to scale,can not sustain the sustained economic growth.The economy of Henan Province is at this stage,which needs to explore other factors that affect economic growth.Schultz's theory of human capital for the economic growth help to find a new impetus-human capital,for Henan Province.And whether the level of human capital development in Henan Province has been able to achieve the requirements of promoting economic growth,whether it is already playing a role,we do not know.In order to make better use of this element-human capital,we need to first understand the level of human capital and economic growth in Henan Province.This paper analyzes the present situation of human capital in Henan Province,and compares it with the national average level and the six provinces in the middle of the country,so that it has a clear understanding of the level of development of human capital.This paper analyzes the level of economic development in Henan Province from the aspects of economic aggregate and economic structure.After a clear understanding of the current situation,this paper uses metrological analysis to calculate the contribution rate of human capital stock to economic growth.In the past,only simple linear regression is needed.Since the pseudo-regression phenomenon may occur in the time series,this paper makes a unit root test and cointegration test on the linear regression of the model.The results show that economic growth and human capital stock and material capital There is a long-term stable equilibrium relationship between stocks,indicating that the linear regression performed above is not pseudo-regression.The conclusion is that the population of Henan Province has gradually improved its education level,and the proportion of the population with higher education has increased rapidly.However,the human capital stock is still in the initial stage of accumulation,the quality education achievement needs to be consolidated;the investment income of material capital is decreasing;Capital is the main factor to promote the economic growth of Henan Province,human capital contribution to economic growth is not large,but its output elasticity is much larger than the material capital.Therefore,in order to Henan Province,long-term and stable economic sustainable development,should fully develop the human resources in Henan Province,the human resources into human capital into production.Therefore,this paper argues that Henan Province should first increase its investment in human capital,especially the investment of education funds and expand the financing channels.Secondly,it is to optimize the investment structure of human capital and improve the investment efficiency of human capital.More,the transfer of rural labor force,put forward to strengthen vocational education,give full play to the advantages of vocational education,rural labor to solve the problem of human capital construction.