Human Capital as a Determinant of Long-Term Economic Growth

Abstract

This chapter aims to investigate the importance of human capital as a key success factor to economic growth and modern economic reforms as well as exploring determinants of human capital. Then factors influencing human capital accumulation as well as case studies are discussed to illustrate the influence of human capital to economic growth and reforms. Together with economic reforms, supportive education and human capital development policies, some countries could generate a dramatic technology and economic development. Currently, human capital even becomes crucial because of this technological progress. Thus, modern economic reform needs more intense human capital accumulation to cope with more advanced technology. In this chapter, we investigate the role of human capital accumulation by education and migration process in economic reforms and development of three countries with completely different conditions of economic development.