Summary
This present study aims to examine the effects of education human capital and health human capital on economic development of Pakistan. Human capital has been considered an important factor in the explanation of economic development and it significance for economic development of a country has long been acknowledged development economics literature. A single linear multiple regression model and secondary data over the period from 1960-2009 have been used and the method of least squares (OLS) has been applied. For analysis the data has been taken from Fifty Years of Statistics (various issues), and Economic Survey of Pakistan (various issues). The empirical result of all equations reveals that the impact of health human capital and education human capital on economic growth found positively significant at 1% level of significance during the study period. Results of the study suggests that both components of the human capital i.e., education and health are imperative for the national economic development. Therefore, the policy makers need to improve quality education and facilitate health sector in order to boost economic development of Pakistan.
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Extract
The Role of Human Capital in Economic Development: Evidence From Pakistan: 1961-2009
1. Introduction
The significance of human capital has long been acknowledged in the development economics literatures. Human capital refers to the capital in the form of skills and knowledge that have been acquired through formal training or education or on -the- job experience. Almost all developing countries have abundant of labour forces that are not literate and having poor health due to which they are not very productive relative to developed countries.Igun, (2006) stated that "the total stock of knowledge, skills, competencies, innovative abilities possessed by the population" is known as human capital.Classical, neoclassical, modern economists, scholars, politician and thinkers all looks for that how to provide desirable basic necessities of life such as food, clothing, and shelter generously to citizens in order to improve social welfare of the society. They intend to diminish hunger, alleviate poverty, reduce unemployment, provide health and education facilities etc. Indeed, some two-third of the World's population go to sleep hungry at night and the World Bank estimates t...See the full content of this document
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