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2010•Journal of Changsha University of Science & TechnologyRequires access

An Empirical Analysis of the Contribution of Education Serice to Economic Growth in Hunan Province

Chang Han

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Abstract

Based on the human capital theory and the use of one variant of Lucas's model,this paper makes an econometric analysis on the relationship between education and economic growth with all the relevant data from 1990 to 2008 in Hunan province.The result shows that the output elasticity of human capital is 1.27 to the GDP of Hunan province.And the return that educational marginal input brings is more than that fixed capital does.And so,it is necessary to increase the investment with the right policies from the government as to push forward the economic and social development of Hunan province and makes it more in line with the needs of the Two-oriented Society construction.

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What this paper is about

Based on the human capital theory and the use of one variant of Lucas's model,this paper makes an econometric analysis on the relationship between education and economic growth with all the relevant data from 1990 to 2008 in Hunan province.The result shows that the output elasticity of human capital is 1.27 to the GDP of Hunan province.And the return that educational marginal input brings is more than that fixed capital does.And so,it is necessary to increase the investment with the right policies from the government as to push forward the economic and social development of Hunan province and makes it more in line with the needs of the Two-oriented Society construction.

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Available abstract

Based on the human capital theory and the use of one variant of Lucas's model,this paper makes an econometric analysis on the relationship between education and economic growth with all the relevant data from 1990 to 2008 in Hunan province.The result shows that the output elasticity of human capital is 1.27 to the GDP of Hunan province.And the return that educational marginal input brings is more than that fixed capital does.And so,it is necessary to increase the investment with the right policies from the government as to push forward the economic and social development of Hunan province and makes it more in line with the needs of the Two-oriented Society construction.

Key concepts: Human capital, Economics, Econometric analysis, Output elasticity, Investment (military), Government (linguistics), Econometric model, Economic analysis

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