Empirical Research On Human Capital And Economic Growth In China

Sustained economic growth is the main objective of national economic development, and the fundamental driving force of economic development is technological progress, human capital is a supporter and promoter of technological progress, the impact of human capital as a factor of economic growth by increasing people's attention. Western new economic growth theory and human capital theory has proven that human capital accumulation and investment in human capital is an important basis of sustained economic growth .this paper attempts to study the real role and significance of the human capital in our economic growth.Human capital as a special capital will come from investments, education is the main form of human capital investment including education, training and so on; I will use the various indicators of education to measure human capital and study the relationship between economic growth and human capital.The first introduced in this paper is the related research on human capital and economic growth, then this paper defined the concept of human capital, on the basis of which is an analysis of the nature of human capital, human capital whose effects are external needs investment and produce self-enhancement. Human capital with dependency is cumulative, and human capital each people who has is different. Their value is changing, thus the measurement of human capital is more difficult. Then outlined the human capital theory that is related with economic growth theory and the important models, It has laid the foundation for the relationship for the analysis of human capital and economic growth in China.Education is the most important way to the formation of human capital. In order to analyze the role of human capital in China's economic growth, the paper base on economic theory, use the three quantitative analysis models, namely, neo-classical economic growth models, models of effective labor and human capital externalities models, I use Chinese data, in 1978 -2004, and use the various indicators of education to measure human capital, to do regression analysis, calculate the contribution of human capital to economic growth in size.Contributions of the human capital of different levels of education to economic growth is not always the same. In order to analyze educational attainment of human capital in China's economic growth, the paper use the latest technologies in modern econometric theory, such as the unit root analysis, co-integration theory, vector error correction models, Granger causation test, variance decomposition and so on, use the method of dynamic analysis to explore their long-term balance between the relations and their contribution.Finally reach the following conclusion: China's economic development is typical extensive, technological progress and technological innovation from upgrading of human capital makes relatively low impact on economic growth, human capital relative to the production capacity is not high. Primary, higher human capital is the reason of economic growth, and secondary education in human capital is not the reason for China's economic growth, while economic growth is not the level of human capital to improve educational reasons. For a long time, China's higher education, primary education level of human capital for economic growth contribution are larger ,secondary education degree in human capital for economic growth is without significant changes in the contribution. This shows that China's economic growth is mainly due to the long-term primary and senior human capital.The innovations is in the following: First, in term of the common view in the light of international and domestic scholars and the needs of this study, the paper gives the author's understanding of the concept of human capital. Second, the paper use calculation method of the capital stock from wang jinying(2001),and calculation method of the human capital stock and the level of human capital from Hou yafei(2000) , to calculate the capital stock, human capital stock and the level of human capital, in 1978-2004 .respectively, do regression analysis to compare the results and measurement contribution rate of the three models Third, in light of China's actual situation of education in human capital classification used modern measurement technology, such as the unit root analysis, co-integration theory, vector error correction models, Granger causation test, variance decomposition and so on, to explore the long-term balance between educational level of human capital with Chinese economic growth and interaction relations.