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The Relationships between Educational Investment as a Human Capital Formation and the National Economic Growth: Focusing on non-English-Speaking OECD Countries

인적자본형성으로서의 교육투자와 경제성장과의 관계 : OECD 비영어권 국가들을 중심으로

  • 김선재 (배재대학교 전자상거래학과) ;
  • 이영화 (선문대학교 영어학과) ;
  • 임광혁 (배재대학교 전자상거래학과)
  • Received : 2009.11.24
  • Accepted : 2010.01.06
  • Published : 2010.03.28

Abstract

The issues on education as a human capital formation in recent years have been focused for all of the countries with emerging of the knowledge-based economy. The present study compared and analyzed the relationships between the educational investment and national economic growth of ten non-English-speaking OECD countries during 1970-2008, using Ordinary Least Square (OLS) and Seemingly Unrelated Regression Estimation (SURE) as the main analytical methods. Findings indicate that educational investment, R&D investment, and fertility rate were statistically significant in the estimation of the variables related to the human capital formation, and these elements had also positive influence on the national economic growth. The most salient factor was the fertility rate, and the R&D investment and educational investment appeared as the next factors in the national economic growth. In particular, the dimensions in the coefficient of the fertility rate showed 1.8 times of the R&D and 3.5 times of the educational investment, respectively. These results imply that educational investment, R&D investment, and the policies which promote fertility rate should be taken into account for the continuous economic growth of each country.

Keywords

Human Capital Formation;Educational Investment;Economic Growth;OECD;SURE

Acknowledgement

Supported by : 한국학술진흥재단

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