چکیده:
Higher education, through increasing the human capital stock of individuals, improves productivity and therefore contributes to economic growth. From economic point of view, this type of expenditure is considered as a long-run investment which increases growth rate and forms a higher capacity of human capacity. The implication is that a dynamic relationship between growth rates of education, income and investment can be implemented in a specific time path. This paper employs ARDL and Panel Data modeling to test the causal relationship between real income, real investment and human capital using data for the 16 selected OIC members over the period 1980-2005. The empirical results approve a long-run effect of human and physical investments. The results also imply a crucial rate of human capital which will play in the future developments of the OIC countries. In this study, we attempted to determine the key factors leading to economic growth for Iran economy over the period 1960–2006. In particular, we sought to clarify whether the growth of Iran was driven mainly by factor accumulation or by improvements in efficiency namely, debate of K (factor accumulation) versus A (productivity gains). The analysis of the sources of growth shows that the role of Total Factor Productivity (TFP) in determining economic growth is insignificant and often detrimental. Most of the growth is due to the accumulation of physical capital and improvements in the quality of labor. Thus, we conclude that in the debate of A versus K we take the side of K. Bases on the experiences of Iran as a oil dependent country, accumulation of capital seems to be the major determinant of economic growth.
خلاصه ماشینی:
"Higher Education, Real Income and Real Investment in the Selected OIC Members: Evidence from ARDL and Panel Data Approaches Seyed Komail Tayebi 1 Yaser Abbaslou 2 Abstract Key words: ( Associate Professor of International Economics, Department of Economics, University of Isfahan, Iran, komail@econ.
Thus, this paper investigates the long-run and short-run effects of human capital on the growth rate of income per capita in the select OIC members during the period 1980–2005.
3-1- Empirical Specifications and Estimation Methods To obtain the appropriate results for the determination of the relationship between higher education and economic growth in our sampling, we here develop the model shown in (3) in the light of two different approaches: 1) ARDL time series method, and 2) panel data framework.
The estimated results for the government expenditures on education demonstrate the expected effect on the selected countries, growth, elasticity coefficients varies between 0.
Except for poorer OIC members (such as Benin, Burkina Faso, Mali, Mauritania and Senegal), the effect of the life expectancy on the remaining OIC countries growth is also significant and positive, while Turkey and Malaysia has captured a higher value of the related elasticity during the estimation period.
Table 3: the panel results for the elasticity coefficient of the selected OIC countries growth Fixed-effects (within) regression Number of obs = 416 Group variable (i): id Number of groups = 16 R-sq: within = 0."