Impact of education and economy to global human capital
Keywords:
human capital, education, economy, bipolar analysis, regression analysisAbstract
This study determined the education and economic factors that influence the human capital which is the collective knowledge and skills of individuals to create economic value. Data gathered were from the World Economic Forum 2017. Top thirty (30) and bottom (30) ranking countries were utilized in this exploratory study. Bipolar analysis through forced clustering of data, and formal testing of statistical hypotheses through t-tests and regression analysis were used in the study. Results showed that top ranking countries in terms of human capital have higher income, more tertiary education graduates, more employment, have very good educational system and more secondary education graduates than the bottom ranking countries. The five (5) variables are statistically significant on the total development of the human capital. However, further analysis revealed that being a secondary and tertiary graduate from a well establish educational system with employment influenced the human capital of a country. Thus, acquiring knowledge and skills through well establish education can produce higher human capital of a country which in turns increase its economy.
References
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Kwon, D. B. (2009). Human capital and its measurement. In The 3rd OECD World Forum on “Statistics, Knowledge and Policy†Charting Progress, Building Visions, Improving Life (pp. 27-30). Retrieved from https://www.oecd.org/site/progresskorea/44109779.pdf
Harpan, I., & Draghici, A. (2014). Debate on the multilevel model of the human capital measurement. Procedia-Social and Behavioral Sciences, 124, 170-177. https://doi.org/10.1016/j.sbspro.2014.02.474
Peña-López, I. (2016). Innovating Education and Educating for Innovation. The Power of Digital Technologies and Skills. Education Innovation and Research. Retrieved from http://www.oecd.org/education/ceri/GEIS2016-Background-document.pdf
Pamatong, A. R. & Abocejo, F. T. (2017). Airbus and Boeing Manufacturing Performance, Income and Earnings Per Share: A Comparative Analysis. Recoletos Multidisciplinary Research Journal. 2(1), 1-9. Retrieved from https://rmrj.usjr.edu.ph/index.php/RMRJ/article/ view/35
Pettinger, T. (2017). Human capital definition and importance. Retrieved from https://www.economicshelp.org/blog/26076/economics/human-capital-definition-and-importance/
Popescu, C. C., & Diaconu, L. (2008). The determinants of human capital in Romania. Retrieved from http://steconomiceuoradea.ro/anale/volume/2008/v2-economy-and-business-administration/ 069.pdf
Rodriguez, K. F. R., & Abocejo, F. T. (2018). Competence vis-Ã -vis performance of special education pre-service teachers. European Academic Research, 6(7), 3474-3498. Retrieved from http://www.euacademic.org/UploadArticle/3707.pdf
Samans, R., Zahidi, S., & Leopold, T. A. (2017). The global human capital report 2017: Preparing people for the future of work. In World Economic Forum, Geneva, Switzerland. Retrieved from https://www.weforum.org/reports/the-global-human-capital-report-2017
Sanyal, B. C., & Johnstone, D. B. (2011). International trends in the public and private financing of higher education. Prospects, 41(1), 157. doi: 10.1007/s11125-011-9180-z
Pelinescu, E. (2015). The impact of human capital on economic growth. Procedia Economics and Finance, 22(1), 184-190. Retrieved from https://core.ac.uk/download/pdf/81170854.pdf
Schwab, K. (2017). Global human capital report 2017. Retrieved from http://www3.weforum.org/ docs/WEF_Global_Human_Capital_Report_2017.pdf
Spender, J. C., & Marr, B. (2006). How a knowledge-based approach might illuminate the notion of human capital and its measurement. Expert Systems with Applications, 30(2), 265-271. https://doi.org/10.1016/j.eswa.2005.07.001
Suedekum, J. (2006). Human capital externalities and growth of high-and low-skilled jobs. Discussion Paper No. 1969. Retrieved from http://repec.iza.org/dp1969.pdf
Sweetland, S. R. (1996). Human capital theory: Foundations of a field of inquiry. Review of educational research, 66(3), 341-359. Retrieved from http://pascal-francis.inist.fr/vibad/ index.php?action=getRecordDetail&idt=2866046
Trazo, S. P., & Abocejo, F. T. (2019). International Phonetic Alphabet (IPA) Front Vowel Sound Recognition of Beginner Foreign Learners. European Journal of Education Studies. 5(12), 183-196. http://dx.doi.org/10.5281/zenodo.2606194
Tuicu, L., & Simko, J. (2015). Determinants of human capital: A study on Swedish municipalities. Retrieved from https://www.diva-portal.org/smash/get/diva2:819462/FULL TEXT01.pdf
United Nations. (2016). Global sustainable development report 2016. Department of Economic and Social Affairs. Retrieved form https://sustainabledevelopment.un.org/content/ documents/2328Global%20Sustainable%20development%20report%202016%20(final).pdf
World Economic Forum. (2017). The global human capital report 2017. Retrieved from https://weforum.ent.box.com/s/dari4dktg4jt2g9xo2o5pksjpatvawdb
Abocejo, F. T. (2014). The impact of international monetary fund (IMF) structural adjustment program policies (SAPs) on the Philippines. Recoletos Multidisciplinary Research Journal. 2(1), 19-28. https://doi.org/10.32871/rmrj1402.01.03
Abocejo, F. T., & Padua, R.N. (2010). An econometric model for determining sustainability of basic education development. CNU Journal of Higher Education, 4(1), 40-53. Retrieved from http://www.jhe.cnu.edu.ph/index.php/cnujhe/article/view/39
Altbach, P. G., Reisberg, L., & Rumbley, L. E. (2009). Trends in global higher education: Tracking an academic revolution. https://doi.org/10.1.1.177.926&rep=rep1&type=pdf
Ashton, D. & Green, F. (1996). Education, training and the global economy. Cheltenham: Edward Elgar.
Azariadis, C., & Drazen, A. (1990). Threshold externalities in economic development. The Quarterly Journal of Economics, 105(2), 501-526. doi: 10.2307/2937797, https://www.jstor.org/stable/2937797
Becker, G. S. (2009). Human capital: A theoretical and empirical analysis, with special reference to education. University of Chicago press.
Boztosun, D., Aksoylu, S., & Ulucak, Z. Åž. (2016). The role of human capital in economic growth. Economics World, 4(3), 101-110. https://doi.org/10.17265/2328-7144/2016. 03.001
Canadian Council of Ministers of Education. (2018). Quality education for all: Canadian report for the UNESCO ninth consultation of member states on the implementation of the convention and Recommendation against Discrimination in Education. Retrieved from https://www.cmec.ca/Publications/Lists/Publications/Attachments/382/Canadian-report-on-anti-discrimination-in-education-EN.pdf
Costanza, R., Hart, M., Kubiszewski, I., & Talberth, J. (2014). A short history of GDP: Moving towards better measures of human well-being. Solutions, 5(1), 91-97. Retrieved from http://www.idakub.com/academics/wp-content/uploads/2017/02/2014_Costanza_Solutions_GDP History.pdf
Cuñado, A. G., & Abocejo, F. T. (2018). Lesson planning competency of English major university sophomore students. European Journal of Education Studies. 5(8), 395-409. http://dx.doi.org/10.5281/zenodo.2538422
Cruz-Cunha, M. M. (Ed.). (2013). Handbook of research on enterprise 2.0: Technological, social, and organizational dimensions. IGI Global. Retrieved from http://repositorio.uportu.pt/bitstream/11328/1351/1/Handbook%20of%20Research%20on%20Enterprise%202.pdf
Data, O. E. C. D. (2018). Gross domestic product (GDP). Retrieved from https://data.oecd.org/ gdp/gross-domestic-product-gdp.htm
Frank, R. H., & Bernanke, B. S. (2007). Principles of microeconomics, McGrawHill/Irwin.
Fernandez, R. C. C., & Abocejo, F. T. (2014). Child labor, poverty and school attendance: Evidences from the Philippines by region. CNU Journal of Higher Education, 8(1),114-127. Retrieved from http://www.jhe.cnu.edu.ph/index.php/cnujhe/article/view/151
Genç, M. C., Değer, M. K., & Berber, M. (2009). Beşeri sermaye, ihracat ve ekonomik büyüme: Türkiye ekonomisi üzerine nedensellik analizi. Uluslar Arası 7. Bilgi, Ekonomi ve Yönetim Kongresi Bildiriler Kitabı, 48-60
Garcia, E., & Weiss, E. (2017). Education inequalities at the school starting gate: Gaps, trends, and strategies to address them. Economic Policy Institute. Retrieved from https://files.eric.ed.gov/fulltext/ED588751.pdf
Hanushek, E. A., & Wößmann, L. (2007). The role of education quality for economic growth. World Bank Policy Research Working Paper 4122. https://doi.org/10.1596/1813-9450-4122
International Labor Organization. (2015). Labour force participation rate. Retrieved from https://www.ilo.org/ilostat-files/Documents/description_LFPR_EN.pdf
International Monetary Fund. (2009). System of national accounts 2008. http://dx.doi.org/10. 5089/9789211615227.071
Jolejole-Caube, C., Dumlao, A. B., & Abocejo, F. T. (2019). Anxiety Towards Mathematics and Mathematics Performance of Grade 7 Learners. European Journal of Education Studies. 6(1), 334-360. http://dx.doi.org/10.5281/zenodo.2694050
Krasniqi, F. X., & Topxhiu, R. M. (2016). The importance of investment in human capital: Becker, Schultz and Heckman. Journal of Knowledge Management, Economics and Information Technology, 6(4), 1-18. Retrieved from www.scientificpapers.org
Kwon, D. B. (2009). Human capital and its measurement. In The 3rd OECD World Forum on “Statistics, Knowledge and Policy†Charting Progress, Building Visions, Improving Life (pp. 27-30). Retrieved from https://www.oecd.org/site/progresskorea/44109779.pdf
Harpan, I., & Draghici, A. (2014). Debate on the multilevel model of the human capital measurement. Procedia-Social and Behavioral Sciences, 124, 170-177. https://doi.org/10.1016/j.sbspro.2014.02.474
Peña-López, I. (2016). Innovating Education and Educating for Innovation. The Power of Digital Technologies and Skills. Education Innovation and Research. Retrieved from http://www.oecd.org/education/ceri/GEIS2016-Background-document.pdf
Pamatong, A. R. & Abocejo, F. T. (2017). Airbus and Boeing Manufacturing Performance, Income and Earnings Per Share: A Comparative Analysis. Recoletos Multidisciplinary Research Journal. 2(1), 1-9. Retrieved from https://rmrj.usjr.edu.ph/index.php/RMRJ/article/ view/35
Pettinger, T. (2017). Human capital definition and importance. Retrieved from https://www.economicshelp.org/blog/26076/economics/human-capital-definition-and-importance/
Popescu, C. C., & Diaconu, L. (2008). The determinants of human capital in Romania. Retrieved from http://steconomiceuoradea.ro/anale/volume/2008/v2-economy-and-business-administration/ 069.pdf
Rodriguez, K. F. R., & Abocejo, F. T. (2018). Competence vis-Ã -vis performance of special education pre-service teachers. European Academic Research, 6(7), 3474-3498. Retrieved from http://www.euacademic.org/UploadArticle/3707.pdf
Samans, R., Zahidi, S., & Leopold, T. A. (2017). The global human capital report 2017: Preparing people for the future of work. In World Economic Forum, Geneva, Switzerland. Retrieved from https://www.weforum.org/reports/the-global-human-capital-report-2017
Sanyal, B. C., & Johnstone, D. B. (2011). International trends in the public and private financing of higher education. Prospects, 41(1), 157. doi: 10.1007/s11125-011-9180-z
Pelinescu, E. (2015). The impact of human capital on economic growth. Procedia Economics and Finance, 22(1), 184-190. Retrieved from https://core.ac.uk/download/pdf/81170854.pdf
Schwab, K. (2017). Global human capital report 2017. Retrieved from http://www3.weforum.org/ docs/WEF_Global_Human_Capital_Report_2017.pdf
Spender, J. C., & Marr, B. (2006). How a knowledge-based approach might illuminate the notion of human capital and its measurement. Expert Systems with Applications, 30(2), 265-271. https://doi.org/10.1016/j.eswa.2005.07.001
Suedekum, J. (2006). Human capital externalities and growth of high-and low-skilled jobs. Discussion Paper No. 1969. Retrieved from http://repec.iza.org/dp1969.pdf
Sweetland, S. R. (1996). Human capital theory: Foundations of a field of inquiry. Review of educational research, 66(3), 341-359. Retrieved from http://pascal-francis.inist.fr/vibad/ index.php?action=getRecordDetail&idt=2866046
Trazo, S. P., & Abocejo, F. T. (2019). International Phonetic Alphabet (IPA) Front Vowel Sound Recognition of Beginner Foreign Learners. European Journal of Education Studies. 5(12), 183-196. http://dx.doi.org/10.5281/zenodo.2606194
Tuicu, L., & Simko, J. (2015). Determinants of human capital: A study on Swedish municipalities. Retrieved from https://www.diva-portal.org/smash/get/diva2:819462/FULL TEXT01.pdf
United Nations. (2016). Global sustainable development report 2016. Department of Economic and Social Affairs. Retrieved form https://sustainabledevelopment.un.org/content/ documents/2328Global%20Sustainable%20development%20report%202016%20(final).pdf
World Economic Forum. (2017). The global human capital report 2017. Retrieved from https://weforum.ent.box.com/s/dari4dktg4jt2g9xo2o5pksjpatvawdb
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2019-06-01
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