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Article

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2008

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Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/17502

Does human capital stimulate investment in physical capital?: Evidence from a cost system framework

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http://dx.doi.org/10.1016/j.econmod.2008.04.008

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.

Subject

Creixement econòmic, Recursos humans, Capital

Subject (English)

Economic growth, Human capital, Capital

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Articles publicats en revistes (Econometria, Estadística i Economia Aplicada)
Publicacions de projectes de recerca finançats per la UE

Citation

LÓPEZ-BAZO, Enrique and MORENO SERRANO, Rosina. Does human capital stimulate investment in physical capital?: Evidence from a cost system framework. Economic Modelling. 2008. Vol. 25, num. 6, pags. 1295-1305. ISSN 0264-9993. [consulted: 13 of August of 2026]. Available at: https://hdl.handle.net/2445/17502

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