Impact of investment in human capital on economic growth: A comparison between Ecuador and Peru
Keywords:
human capital, economic growth, education, multiple linear regressionAbstract
Investment in human capital is historically linked to economic growth, supported by numerous studies, although some findings question this relationship. In this context, a comparative study of the impact of educational investment on economic growth in Ecuador and Peru between 2000 and 2022 is carried out, identifying differences and similarities between both countries. The research uses time series data from official sources such as the World Bank and the Economic Commission for Latin America and the Caribbean, with these data are estimated multiple linear regression models based on the extended model of Solow. Interestingly, the coefficients obtained indicate that while in Ecuador education spending has a significant positive effect on per capita GDP, in Peru it has a negative effect. These findings underline that the effectiveness of educational investment in economic growth depends on the specific context of each country and that the belief that more investment is always better can be misleading without considering critical factors to ensure that spending is directed towards the productive sector and generates sustainable long-term benefits.
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