Education and Economic Growth in Ecuador: Empirical Evidence from the Human Capital Perspective
Keywords:
Human capital, education index, economic growth, cointegrationAbstract
In contemporary economic literature, the accumulation of human capital is considered one of the main determinants of economic growth. This study examines the relationship between human capital and economic growth in Ecuador during the period 2000–2020, using the Human Capital Index and the Education Index as indicators to determine which better explains this relationship. The empirical analysis employs correlation techniques, econometric estimations, and cointegration methods to assess long-run relationships among the variables. The results indicate that the Human Capital Index exhibits a positive and statistically significant relationship with economic growth, making it the most suitable indicator for explaining economic performance. Additionally, a favorable effect of technological development on economic growth is identified. Consequently, the findings suggest that strengthening education, enhancing human capital, and promoting technological advancement are strategic factors for fostering sustainable, knowledge-based economic growth in Ecuador.
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