An Empirical Analysis Of The Influence Of Human Capital On Economic Growth

This article include social education in human capital metrics and re-estimate human capital heterogeneity of the range of different educational levels, thereby improving the current years of education law, it have estimated that China’s per capita human capital stock was 13.1 years in 2014; By Lucas endogenous growth model of human capital spillover regression analysis, having estimated the output elasticity of human capital in China in 2003-2014, The results showed that between 2008-2014,our human capital play an increasingly important role in the economic growth.Nevertheless, physical capital is still the main source of economic growth in the process of economic growth, output elasticity of physical capital are more than 80%between 2003-2009, however, the output elasticity of human capital below 20%. This does not superficial understanding that output elasticity of human capital on economic growth is not high, it should not be investing in human capital. The opposite is true,because of the relative lack of the total investment in education, investment in education and material investment volume imbalance, irrational investment structure of education, vocational education and general education imbalance and regional disparities larger investment in education issues, plus the quality of human capital is not high, private education developed, the imperfect and the factors of health, medical and health care issues, such as labor market investment mechanisms, making the output of human capital is very inelastic. Therefore, we should change ideas, and more emphasis on human capital investment. First, deepen education reform, efforts to increase investment in education, job training for workers full attention,intensifying the-job training; secondly, to increase investment in health, medical and health care, improve the health of workers; Finally, the establishment and improvement of human capital investment incentives and eliminate obstacles to the flow of human capital, and create a free, healthy liquidity environment.