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Human capital formation and economic development in Pakistan: an empirical analysis
TLDR
In this paper, the causal relationship between economic development and human capital formation was investigated in Pakistan based on endogenous growth theory and Pair-wise Granger Causality test was utilized using the time series data ranging from 1972 to 2009.Abstract:
There is widely accepted concept in economic theory that human capital plays positive role in determining national income. Formation or accumulation of human capital and economic development for human welfare are the major targets of economic policy of each country. This study investigates the casual relationship between economic development and formation of human capital in Pakistan. Based on endogenous growth theory, this study empirically test the standard growth model consisting of Gross Domestic Product (GDP) per capita as a dependent variable and human capital formation, investment in physical capital and labor force as independent variables. Auto Regressive Distributive Lag (ARDL) bound testing approach to co-integration is used to check the long run equilibrium relationship between the variables included in the model. For checking the causal relationship between economic development and human capital formation, Pair-wise Granger Causality test is utilized using the time series data ranging from 1972 to 2009. The results of the co-integration show that the variables are co-integrated. They have long run stable equilibrium relationship. The results of the causality test show that there is bidirectional causal relationship between economic development and human capital formation.read more
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Human Capital and Economic Growth: Evidence from Selected Asian Countries
TL;DR: In this article, the impact of human capital on economic growth of selected Asian countries was examined, in the context of a visual search task, by using panel data technique for the period 1990-2012.
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Distribution of the Estimators for Autoregressive Time Series with a Unit Root
David A. Dickey,Wayne A. Fuller +1 more
TL;DR: In this article, the limit distributions of the estimator of p and of the regression t test are derived under the assumption that p = ± 1, where p is a fixed constant and t is a sequence of independent normal random variables.
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A Contribution to the Empirics of Economic Growth
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Bounds testing approaches to the analysis of level relationships
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