Empirical Analysis On The Impact Of Human Capital On Economic Growth

Economic growth is a problem that a country or region need to face, because it is important for the development of the country or region, the stability of the society and people’s living standard. In traditional economy era, the material capital stock has played a great role in promoting on economic growth; today, human capital is more and more significant. Human capital as one of international scholars dedicated research question is considered to be the driving force for the sustained economic growth. But there is no consistent conclusion of the existing study of human capital’s effect on economic growth in our country. As the world’s most populous country, research of human capital has more special significance.In view of this, education based approach method is used to measure human capital stock, then, using the Cobb-Douglas production function and gradually modifying it, using multiple linear regression method to analysis the impact of the human capital to the economic growth, and discuss the reason and possible role. At the same time, this paper adopts the optimization method:quantile regression method to analyze the model to find the different of impact of different levels human capital on economic growth under different quantiles.The innovation of this article is phasing in human capital stock, different levels of human capital stock as variables when modify the production function, discussing the influence of common labor, average human capital and different levels of human capital on economic growth. In continuous production function model, by introducing and replacing different variables make the model more realistic, the fitting results more convincing. Through this way not only reflect the contribution of average level of human capital to economic growth, but also the different levels of human capital affect economic growth. The above results play a guiding role to our country’s human capital accumulation and development, changes and norms in the structure of human capital, and have a deeply and widely influence for the economic growth of the whole society.Research results show that the ordinary labor contribution to the economic growth is low, the main impetus for economic growth comes from fixed capital accumulation; after the introduction of human capital stock, human capital has great promoting effect on economic growth, and is far greater than ordinary labor’s effect on economic growth; at the same time, different levels of human capital has different effect on economic growth, the illiterate, primary human capital has a negative effect on economic growth and secondary education (middle school, high school), college or above major in human capital will promote economic growth. So increase spending on education, increase human capital accumulation, and improve the structure of human capital is the important work of our country in recent years, and the key to maintaining the momentum in economic growth.