Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/169024
Authors: 
Škare, Marinko
Lacmanovic, Sabina
Year of Publication: 
2016
Citation: 
[Journal:] Amfiteatru Economic Journal [ISSN:] 2247-9104 [Volume:] 18 [Year:] 2016 [Issue:] 43 [Pages:] 612-633
Abstract: 
The link between human capital and economic growth still remains unexplained because of the measurement issues connected to the human capital stock. This study investigates the link between human capital stock and economic growth using inclusive wealth index and ratio of engaged to actively disengaged employees as proxy for human capital stock. Data from the global workplace and inclusive wealth reports are used in order to provide an international comparison of the link between human capital and inclusive wealth. Cross country comparison show human capital largerly contribute to the inclusive wealth formation. Formal education is important but also motivating working environment is needed to achieve sustainable economic growth. The finding further indicates that standard human capital growth model should be revised taking into the account variables addressing sustainable growth (not just growth) and environmental variables (work conditions) affecting human capital stock. Countries encouraging investments in the development of individuals both through formal education and inspiring work environments achieve higher sustainable economic growth.
Subjects: 
human capital
economic growth
inclusive wealth
cross-country comparison
employees engagement
JEL: 
E21
E24
J24
O00
Q56
Creative Commons License: 
http://creativecommons.org/licenses/by/4.0/
Document Type: 
Article
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