关键词: 人力资本, 经济增长, 创新模仿

Abstract: Human capital is considered to be one of the most important factors affecting economic growth in a long term, but the large contrasts between the empirical result from the educational measurement on human capital and the theoretical forecasts result in a continuous debate. This paper makes use of Bai (2009) estimation method to retest the effect of human capital on economic growth by applying the provincial panel data from 1985 to 2014 in China and introducing heterogeneous impacts of common factors unobserved by factor error patterns under the framework of classic growth accounting. After the growth effects on human capital are resolved into innovative and imitative effects in B&S form, It is found that the role of human capital reflect on the imitative, not significant on innovative effects. The conclusion is highly consistent when the measurements of physical and human capital are changed and the regressive results from all the models are robust. A further study shows although the innovative effect of human capital is insignificant at present time but their significance starts to be shown up. As China is approaching the technological front overall, the marginal effect of human capital on TFP (Total Factor Productivity) and the contribution of imitative effect on TFP growth gradually become low, while correspondingly TFP growth and its contribution in economic growth appears “double reductions”. This feature is the main reason why the economic growth in China comes down significantly. Finally, based on the empirical result, this paper offers some relevant measures.

Key words: Human Capital, Economic Growth, Innovative Imitation