The Impact Of R&D And Human Capital Investment On Regional Economic Growth

Endogenous growth theory is an important theory to study the relationship between factor input and economic growth.Lucas regards human capital as the main source of economic growth,while Romer regards technological progress as the main source of economic growth.Recently,scholars have proposed that both human capital and technological progress should be endogenous.The new endogenous growth model holds that economic growth is driven by both human capital and technological progress.Based on the endogenous growth model of simultaneous endogenous human capital and technological progress,this paper chooses panel data of human capital investment and R&D investment from 31 regions(provinces,municipalities and autonomous regions)in China from 2007 to 2016 as the research object,takes the economic contribution rate as the criterion,and uses panel regression model to analyze the two major factors driving China's economic growth.The economic contribution rate is studied to test which is the most important driving factor in China's economic growth.At the same time,this paper constructs a threshold regression model to explore the non-linear impact of human capital and R&D investment on regional economic growth at different levels of development.Combining with the resource input of regional two elements in each threshold region of China,this paper preliminarily explains the irrationality of regional human capital and R&D investment in China,with a view to optimizing the regional allocation of resources and formulating development policies for the country.Some suggestions are given.The results of the model analysis show that both human capital and R&D investment have a pulling effect on China's economic growth,and the pulling effect of human capital is significantly better than that of R&D investment.After a period of delay,R&D investment has a negative effect on economic growth.The regional economic performance of human capital and R&D investment has a non-linear difference based on the level of scientific and technological development.In regions with low level of science and technology,the economic performance of human capital is significantly higher than that of R&D investment.In regions with high level of scientific and technological development,the economic performance of R&D investment increases and the economic performance of human capital decreases.Therefore,we suggest that the whole country should increase investment in R&D,especially in basic areas.The regions with higher scientific and technological level should strengthen the attraction of high-quality talents and give full play to the pulling role of human capital in economic growth.The state should subsidize the R&D investment of regions with lower scientific and technological level,and promote the transfer of industries from regions with higher scientific and technological level to regions with lower scientific and technological level,so as to promote the technological development of regions with lower scientific and technological level,to enhance the pulling effect of technological progress on economic growth of regions with lower scientific and technological level.