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Education, Human Capital Accumulation, and Economic
Growth. Edition No. 1
VDM Publishing House, Feb 2009, Pages: 116
The supply of human capital in production activities
is a function of the quality and volume of education
services provided at the basic and tertiary levels in
the education system. Accordingly, the allocation of
resources by government to education is an important
determinant of human capital formation. Moreover,
depending on its level-specific variations, a given
amount of human capital can have differential impacts
across sectors and on economic growth.
Noting that the accumulation of human capital may be
of greater importance than the accumulation of
physical capital, this study posits that government
spending on education can be identified as an
important indicator of human capital formation that
in turn propels economic growth. This study examines
the level-specific impact of human capital on
economic growth in four Caribbean countries using the
Lucas (1988) model for its theoretical underpinnings.
It was found that human capital at the tertiary level
in countries with lower performance indicators had a
negative impact on economic growth whereas human
capital at the basic level in countries with lower
performance indicators had a positive impact on
economic growth.
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