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Title: Does human capital stimulate investment in physical capital?: Evidence from a cost system framework
Author: López-Bazo, Enrique
Moreno Serrano, Rosina
Keywords: Creixement econòmic
Recursos humans
Economic growth
Human capital
Issue Date: 2008
Publisher: Elsevier B.V.
Abstract: The direct effect of human capital on economic growth has been widely analysed in the economic literature. This paper, however, focuses on its indirect effect as a stimulus for private investment in physical capital. The methodological framework used is the duality theory, estimating a cost system aggregated with human capital. Empirical evidence is given for Spain for the period 1980-2000. We provide evidence on the indirect effect of human capital in making private capital investment more attractive. Among the main explanations for this process, we observe that higher worker skill levels enable higher returns to be extracted from investment in physical capital.
Note: Versió postprint del document publicat a
It is part of: Economic Modelling, 2008, vol. 25, núm. 6, p. 1295-1305
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ISSN: 0264-9993
Appears in Collections:Articles publicats en revistes (Econometria, Estadística i Economia Aplicada)
Publicacions de projectes de recerca finançats per la UE

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