Human Capital Formation and Economic Growth in Emerging Asia: Empirical Evidence Using Panel Data

Authors

  • Muhammad Atiq-ur- Rehman Assistant Professor of Economics, Higher Education Department, Punjab Lahore, Pakistan
  • Suleman Ghaffar PhD Scholar, Department of Public Administration, School of Government (GSGSG), University Utara Malaysia
  • Kanwal Shahzadi M.Phil. Scholar, Department of Governance and Public Policy, National Defense University, Islamabad, Pakistan
  • Rabail Ghazanfar M.Phil. Scholar, Department of Governance and Public Policy, National Defense University, Islamabad, Pakistan

DOI:

https://doi.org/10.47067/ramss.v3i2.54

Keywords:

Social Spending, Human Capital, Economic Growth, Panel Data, Fixed Effectss, Random Effects

Abstract

After the emergence of endogenous growth theory, the role of human capital along with physical capital is considered to be imperative in promoting economic growth. The government social sector spending, mainly on education and health, contributes in forming human capital and promotes economic growth. This study examines the impact of health and education provisions on economic growth of emerging Asian economies, including Bangladesh, China, India, Indonesia, Malaysia, Pakistan, Philippine, and Thailand. Using the data set for 1995-2018, the fixed effects (FE) and the random effect (RE) methods of panel data estimation are employed. Both methods reveal that the health and education support the human capital formation and stimulate economic growth.

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Published

2020-09-30

How to Cite

Rehman , M. A.- ur-., Ghaffar , S. ., Shahzadi , K. ., & Ghazanfar , R. . (2020). Human Capital Formation and Economic Growth in Emerging Asia: Empirical Evidence Using Panel Data. Review of Applied Management & Social Science, 3(2), 205-212. https://doi.org/10.47067/ramss.v3i2.54