The Augmented and Integrative Model of Economic Growth: Theoretical and Empirical Evidence from USA
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The Augmented and Integrative Model of Economic Growth: Theoretical and Empirical Evidence from USAAuthor(s)
Date
2023Citation
Moutinho, V., Santos de Oliveira, H. M., Viana Espinosa de Oliveira, H., & Puime Guillén, F. (2023). The augmented and integrative model of economic growth: Theoretical and empirical evidence from USA. Socio-Economic Planning Sciences, 89, 101673. https://doi.org/10.1016/j.seps.2023.101673
Abstract
[Abstract]: The current nexus between education and economic growth leads us to propose a hybrid and integrated theoretical model. The variables chosen for this research were human capital and labour, and their impact on unemployment and economic growth was considered. In the validation of the theoretical model, different equations were contemplated, and the ARDL cointegration technique for its estimation was chosen. This study emphasizes the importance of technological progress, physical capital and human capital; the latter is measured by educational training and its interactive effect on employment and unemployment in explaining the behaviour of economic growth in the US from 1981-2019. The results show different statistica significance in the short and long term. These results corroborate the premise that there are partial adjustments in the short term, particularly after an economic crisis. In the long term, economic growth is affected by the positive or negative magnitudes of the product elasticity for each of the drivers considered. In terms of policy implications, a combination of structural and demand-driven policies must be implemented to reduce unemployment, in particular, to halt protracted economic recessions.
Keywords
Economic growth
Physical capital
Human capital
Technological progress
Employment
Unemployment
Physical capital
Human capital
Technological progress
Employment
Unemployment
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Atribución-NoComercial-SinDerivadas 4.0 Internacional
ISSN
0038-0121