Análisis del efecto del Capital Humano en la generación de Crecimiento Económico colombiano para el periodo 1990 – 2011

Abstract

The present research is oriented to demonstrate what has been the effect of the human capital in the Colombian economic growth, realizing an evaluation for the group of countries of the Organization for the Cooperation and the Economic Development - OECD, Latin America and Colombia. Similarly, this work presents and analyzes a review of the current and historical situation with respect to human capital in different groups of countries and the relationship between it and economic growth during 1990 – 2011. In the same way, two theoretical approaches are analyzed, on the one hand, the New Theories of Development based on contributions of a contemporary thinker as Amartya Sen, and, on the other hand, Theories of Economic Growth, from the perspectives of Paul Romer and Robert Barro, making conceptual clarifications on Development and Human Capital. In this way, it is possible to analyze the conclusion reached by Denison, cited by Beckerman (1962), who states that "whatever the period under review, economic growth comes and will continue to come mainly from an increase in Labor force, more education, more capital, and the advancement of knowledge "(page 937). In order to fulfill the main objective of this investigation, for the Colombian case a time series model, integrated autoregressive moving average or ARIMA is applied. On the other hand, for the OECD and Latin America, an econometric model of panel data is applied under an estimate of Ordinary and Generalized Least Squares, using both, fixed and random effects, analyzing the behavior of the GDP with respect to variables such as Population Occupied, Stock Capital and Human Capital. Finally, the investigation presents the results and conclusions of the model, which will determine if the effect of human capital has been important in Colombian economic growth for the period 1990 - 2011.