THE PRIORITY DIRECTIONS OF NATIONAL ECONOMY DEVELOPMENT
HUMAN CAPITAL AND ECONOMIC GROWTH – THEORETICAL AND EMPIRICAL RESEARCH
Bojan Vračarević
Abstract: In the mid-1980s, the concept of human capital experienced a significant change in its position in economic literature, becoming a subject of great interest to many researchers trying to explain the determinants of economic growth. However, we can say with certainty that the results of these studies have not wholly demonstrated a strong link between human capital and economic growth. Focus on the quantitative measures of education is one of the main reasons for the unconvincing findings of empirical research. However, newer studies, in clarifying certain methodological dilemmas and placing indicators of the quality of education in the forefront, have undoubtedly laid the way for future research that could more reliably determine the positive effect of accumulated human capital on economic growth.
Keywords: human capital, economic growth, education, school quality, cognitive skills tests
Published: p. 261-270
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