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E-ISSN : 2288-2766
A Study on the Dynamic Relationship between Education Input and Economic Growth
Abstract
Purpose - The rapid economic growth can promote the education development. Conversely, the economic growth also can benefit form a good education input. However, the operating mechanism between education input and economic growth is still a proposition worth being studied. Therefore, this paper will set China as an example to analyze the dynamic relationship between education input and economic growth. Research design, data, and methodology - The annual time series from 1990 to 2017 will be employed to conduct an empirical analysis under the vector autoregression model. The education input is treated as an factor that impacts the economic growth such as the labor input and capital input. Meanwhile, the education input will be added to the Cobb-Douglas production function to form a new one so as to explore the dynamic relationship between education input and economic growth. Results - According to the results of empirical analysis, it can be found that the education input has an increasingly positive effect on economic growth. Simultaneously, the economic growth has a positive effect on education input, but this kind of effect is not steady. Of course, the labor input and the capital input also can promote the economic growth in some degree. Conclusions - The education input is one of most important inputs for a country. This paper provides some empirical suggestions on the dynamic relationship between education input and economic growth in respect of China. This paper suggests that the China’s government should put more emphasis on the education input so to make the economy develop well.
- keywords
- Education Input, Economic Growth, Cobb-Douglas Production Function.
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