| Human capital is the most important wealthy foundation of a country or region, also the main resource of the economical and social development. The Modern Human Capital theory originated against the background of the Economic Puzzle which the Classical Economics can't explain, and brought revolutionary changes in Capital Theory, Growth Theory and the Income Distribution Theory. It has been a consensus that human capital is the true source of economic growth in the era of knowledge economy.This paper studies how the rule of human capital in the process of economic growth and in the evolution of regional disparity in Guangdong Province, in order to validate the view of the New Growth Theory that human capital is the main resource of the regional economic growth and the significant factor in regional economic disparities.How to measure the human capital is to solve firstly in research of economic issues which is based on human capital perspective. From the point of view of investment in human capital, this paper chooses appropriate statistical indicators to estimate human capital investment in the forms of education, medical and health care, on-job training and migration flows, and then account out the data of human capital stock in use of the Perpetual Inventory Method. Reference in Romer's Knowledge Spillover Model, this paper creates production function of the four elements. By the means of ridge regression estimation, this paper accounts the contribution rates of human capital and other Factors during Guangdong Province economic growth without elements Sequence multicollinearity, and authenticates the significant role of human capital in economic development optimization and sustainability.Absolute difference, Coefficient of variation, Gini coefficient, Theil entropy and Kernel density function in representative years are chosen to reflect disparity. By calculation and analysis such statistical indicators of per capita GDP of municipalities in the Pearl River Delta Region, Eastern, Western and Northern mountainous area of Guangdong province, this paper studiers the problems of how big is the level gap of development among the four regions and what kind of change in trends and patterns is shown. By way of the MRW model with introduction of the human capital factor in Cross-sectional data and Panel data respectively, this paper takes convergence tests on economic growth of the province and the four regions. The empirical result is that the impact of human capital on economic growth rate is of significant regional differences, and that human capital makes significant promotion on convergence of regional disparity. At the end, this paper makes relevant policy recommendations for Guangdong province how to get sufficient human capital support in coordinated development of regional economic. |
