THE IMPACT OF HUMAN CAPITAL ON INNOVATION AND ECONOMIC GROWTH IN ROMANIA
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Authors:
• Elena PELINESCU, PhD, Senior Researcher, email: elena_pelinescu@yahoo.com, Afiliation: Institute for Economic Forecasting of the Romanian AcademyPages:
• 44|50 -
Keywords: human capital, innovation, economic growth, econometric methods
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Abstract:
The goal of the Europe 2020 strategy: smart, sustainable and inclusive growth would be achieved by using human capital and its abilities to innovate, to diffuse knowledge in manufacturing services, to develop creative industries and by making a great effort to create a research-intensive economy. The present paper highlights the impact of human capital on innovation and economic growth based on an econometric model. In our paper using annual data during 2000-2015, from UNESCO and Eurostat we prove a positive influence of human capital (expressed as gross enrolment in secondary school and the average personnel costs per employee in the Knowledge-intensive high-technology services) and innovation (expressed by patent application) on economic growth and productivity.
