Abstract
The determinants of economic growth and development are of utmost importance to the economist. The Solow growth model, the law of diminishing returns, the endogenous growth model, the catch-up effect, the Lewis Model, and Rostow’s Stages of Growth all serve as models for economic development. Additionally, historical examples like the Great Divergence and the Asian Economic Miracle all provide past examples of how countries have grown wealth. However, there are competing theories regarding what the most optimal conditions are for increased economic growth and development. The research posits that human capital is an instrumental factor in the economic growth and development of the nation. Through data from the World Bank, the model estimates an ordinary least squares and logged regression to determine whether human capital is a significant indicator of GDP per capita. Based on the regressions, human capital is a significant indicator of GDP per capita. A caveat of this notion is that there is not a definitive conclusion that higher human capital is directly casual to higher GDP per capita. Further research may assess the extent to which human capital serves as a casual mechanism for GDP per capita.
Advisor
Krause, Brooke
Department
Economics
Recommended Citation
DeMarchis, Dominic, "An Economic Assessment on the Relationship between Human Capital and GDP Per Capita" (2024). Senior Independent Study Theses. Paper 11109.
https://openworks.wooster.edu/independentstudy/11109
Disciplines
Econometrics | Economic History | Growth and Development | Labor Economics | Public Economics
Keywords
economic development, economic growth, economic history, human capital, GDP per capita
Publication Date
2024
Degree Granted
Bachelor of Arts
Document Type
Senior Independent Study Thesis
© Copyright 2024 Dominic DeMarchis