Description
Title: Cycles of Economic Development and Human Capital Dynamics
Abstract: Our study focuses on the dynamics of human capital development during economic development cycles (as described, for example, in the works of Becker or Barro). In the course of this study, we developed an econometric model based on the Mankiw-Romer-Weil equation of the Cobb-Douglas function that accounts for the vergence/divergence and differentiation factor due to changes in the size of territories, populations, economic volumes, and other parameters of the studied states and societies. The applied Theil index enables comparison of the dynamic time series of human capital development in the early industrial and post-industrial, knowledge, as well as the information cycles of economic development (since it can be used as a “transition key”). Our paper examines the historical experience of four industrial revolutions and finds that, in contrast to popular belief, which views early industrialization as a largely unrestrained process and human capital development as a by-product, the Industrial Revolutions actually contributed to the formation of human capital by encouraging new technologies, opening up opportunities for personal development for a large number of people, as well as creating a large number of jobs. With our method, it is possible to calculate each cycle’s human capital development using a different set of formulas and then compare them using a single dynamic series. Our findings may be important to stakeholders and decision-human capital; economic development; convergence; divergence; dynamic seriesmakers in nations that heavily rely on the export of their natural resources and who may want to try to change that dependency by making investments in the creation of a knowledge-based economy based on top-notch human capital.
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Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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