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THE IMPACT OF HUMAN CAPITAL ON ECONOMIC GROWTH

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THE IMPACT OF HUMAN CAPITAL ON ECONOMIC GROWTH

 

 

Abstract

The EU’s 2020 Strategy is focused on three area of growth: smart, sustainable and inclusive that couldn’t be achieved without major contribution of skills, knowledge or value of people, common knew as human capital.  It is difficult to believe that these goals could be realized without a good education and training system, a large diffusion of knowledge in manufacturing services, a creative industries and a great effort to create a research-intensive economy. Using a panel methodology, the paper tried to reveal the role of human capital as a factor of the growth and to argue that the slow investment in human capital should influence the sustainable development of the countries.

Keywords: Human capital, economic growth, panel model.