Research On Idiosyncratic Human Capital In Economic Growth

Economic growth has been a hotspot to economists and politicians for a long time. The foundation of human capital theory makes great contribution to the development of New Growth Theory. By now,"human capital is the essential factor contributes to the economic growth"has been a consensus. But in fact, it is the idiosyncratic human capital plays a key role in economic growth for its marginal profit increases. How does the idiosyncratic human capital accumulate in Fujian province? Can it maintain sustainable development of the economic? Apparently, a study on these problems has a realistic significance.Based on Human Capital Theory, New Growth Theory and Institutional Economics, the paper analyzes the idiosyncratic human capital accumulation and its contribution to economic growth, by using the past years'data of Fujian province. The conclusion is that Fujian province is in lack of idiosyncratic human capital accumulation temporarily, and the idiosyncratic human capital hasn't exerted its influence efficiently to the economic growth. In the meantime, the paper put forward some solutions.The feature of the paper is as followings: first of all, it uses the idiosyncratic human capital for analysis, which is a new point of view; secondly, it introduces Life Cycle Model into the analysis, to describe that idiosyncratic human capital is the engine of economic growth; and finally, it uses the past year's date to testify the idiosyncratic human capital and it's effect on the economic growth of Fujian province.