Authors: Ovenseri-Ogbomo Friday Osaru1 & David Umoru2
1Department of Economics, Benson Idahosa University, G.R.A. Ugbor, Benin City, Nigeria
2Faculty of Arts, Mgt. & Social Sciences, Edo University, Iyamho, Edo State, Nigeria
Abstract: This research seeks to examine the impact of human development index (HDI) on economic transformation Nigeria. The paper adopted error correction mechanism to accentuate the dynamic paths of variables and aptitude of these variables to return to long-run equilibrium after a shock. From empirical results, it was found that HDI and school enrolment were most statistically significant in Nigerian growth equation. We thus recommend as a policy that emphasis human capital development in Nigeria most especially when the Nigerian nation is labor-intensive one.
Keywords: Human Development Index, Economic Transformation, Endogenous Growth Model, Nigeria
Abramowitz, M. (1986). Catching Up, Forging Ahead, and Falling Behind. Journal of Economic History Cambridge, Cambridge University Press, 385-406.
Abramowitz, M., & Lucas, R. (1998). A Critique of Human Capital Formation in the U.S. and the Economic Returns to Sub-Baccalaureate Credentials, Journal of the American Educational Studies, 45(1), 24-38.
Barro, R.J., & X. Sala-i-Martin (1995). Economic Growth. New York (NY): McGraw Hill (Inc.), 4-124.
Barro, R. J. (1991). Economic Growth in a Cross Section of Countries. Quarterly Journal of Economics,106 (2), 407-443.
Bergheim, S. (2005). Human Capital is the Key to Growth: Success Stories and Policies for 2020. Deutshe Bank Research Publication, 55 (2), 35-89
Bloom, D.E., Canning D., & Sevilla J. (2004). The Effect of Health on Economic Growth: A Production Function Approach. World Development Journal, 32 (1), 1-13.
Burger, D. M. (2006). Sources of U. S. Economic Growth in a World of Ideas. America EconomicReview, 92 (4), 220-239.
Diejomaoh, V.P. (1978). Nigeria’s Human Resources: A Preliminary Assessment. In:Damachi, N. & Diejomaoh, V.P. (Eds.), Human Resource and Africa Development, (pp11-26). New York: Praeger Publishers.
Domar, E. (1946). Expansion and Employment, American, Economic Review, 37(5). Greene, W.H. (2003). Econometric Analysis, Pearson Publishers, 5th edition (low price edition), Singapore, 234-269
Greener, R. (2002). Aids and Macroeconomic Impact, In Forsayth, S. (Ed.), State of the Art: AIDS and Economic Growth. Blackwell: Oxford University Press, 49-55.
Harrod, R. F. (1936). An Essay on the Dynamics Theory of Human Capital Development. Economic Journal, 49 (2), 11-89.
Hartog, J. (2001). Human Capital: Advances in Theory and Evidence. London, Cambridge University Press, 12-67.
Hausas, B., & Yagoubi, K. (2005). Technological Opportunity and Spillovers of Researchand Development (Rand D): Evidence from Firms Patents, Profits, and Market Value. American Economic Review, 76 (5), 84-110.
Hausman, J. (1978). Specification Test in Econometrics, Econometrica, 46 (6), 1251-1271.
Hershberg, F. (1996). Work and the Nature of man. Cleveland, Ohio OH: World Publishing Company.
Howitt, P. (2000). Endogenous Growth and Cross-Country income Differences. American Economic Review, 90 (2), 829-846.
Isola, W. A. & Alani, R. A. (2002). Human Capital Development and Economic Growth in Nigeria: An Empirical Evidence from Nigeria. Asia Economic and Financial Review, 2 (7), 813-827. nternational Journal of Social Sciences & Educational Studies ISSN 2520-0968 (Online), ISSN 2409-1294 (Print), September 2017, Vol.4, No.1 81 IJSSES
Lucas, R.E. (1988). On the Mechanics of Economic Development, Quarterly Journal of Monetary Economics, XXII, 3-42.
Mankiw, N.G. (1995). The Growth of Nations. Brookings paper on economic activity, 12 (2), 6-45. Mankiw, N.G. (1995). Macroeconomics. New York NY: Worth Publishers
Mankiw, N.G., Romer, D. & Weil, D.N. (1992). A Contribution to the Empires of Economic Growth. The Quarterly Journal of Economics, 107 (2), 407-437.
Marshall, A. (1890). Principles of Economics. London: Macmillan & Co.
Mincer, J. (1974). Schooling, Experience and Earnings. Columbia University Press, New York, 2-310.
Mokatte, M., & Vil-Nkomo, R. (2003). Human Capital and Learning as a Source of Sustainable Competitive Advantage, Journal of Public Administration, June, 4(2). 23-47.
Romer, P. M. (1986). Increasing Returns and Long-Run Growth. Journal of Political Economic, 94 (5), 2-27.
Romer, P. M. (1989). Human Capital and Growth: Theory and Evidence. National Bureau of Economic Research, working paper no. 3173, 12-45.
Romer, P. M. (1990). Endogenous Technological Charge, Journal of Political Economy, 98(2), 7-34. Romer, P. M. (1994). New Goods, Old Theory, and the Welfare Costs of Trade Restrictions. Journal of Development Economics, 43 (2), 15-38.
Sakamota, A. & Power, P. A. (1995). Education and the Dual Labour Market for Japanese Men. American Sociological Review, 60 (2), 121-135.
Sala-i-Martin, X. (1996). Fifteen Years of New Growth Economics: What have we learnt? Columbia University Economics Department Discussion Paper no. 0102-47, 23-56.
Sala-i-Martin, X., Doppelhofer, G. & Miller, R. (2004). Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) approach, American Economic Review, 94(4), 813-835.
Schultz, P.W. (2003). Knowledge, Education and Household Recycling: Examining the KnowledgeDeficit Model of Behaviourial Change. In T. Dietz & P. Stern (Eds.), Education Information and Voluntary Measures in Environmental Protection (pp. 67-82). Washinhton DC: National Academy Press.
Schultz, T. P. (1997). Assessing the Productivity Benefits of Nutrition and Health: An Integrated Human Capital Approach, Journal of Econometrics, 2 (2)141-158.
Shaw, P. (1992). The Lessons of Users Fees Experience in Financing Health care in Sub Sahara Africa through Uses Fees and Insurance. Washington DC: World Bank Publications.
International Journal of Social Sciences & Educational Studies
ISSN 2520-0968 (Online), ISSN 2409-1294 (Print), March 2017, Vol.4, No.1