Channels of Human Capital's Impact on Inclusive Economic Growth

Kelić, Vasko and Manić, Slavica (2025) Channels of Human Capital's Impact on Inclusive Economic Growth. In: Book of Abstracts: 6rd International Interdepartmental Conference “Economic Theory Facing New Challenges: Between Sustainability, Digitalization and Social Justice”. Faculty of Economics, University of Niš, Niš, p. 24.

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Abstract

In one of its most widely used definitions, inclusive economic growth has been conceptualized as a phenomenon comprised of two components: a change in real GDP per capita and a change in the income distribution (operationalized through income equity index). Human capital, primarily measured by education variables as proxies, has been steadily identified as a major determinant of both of these components. Although the literature acknowledges the importance of human capital, it is still unclear which of these two channels are more responsible for its overall effect on inclusive growth. That is why the aim of our study is to examine the relative contribution of the two channels in the constitution of the human capital’s influence on inclusive economic growth. To do so, we consider a sample of 50 European countries during the period 2012-2021. Our preliminary panel regression findings indicate that human capital primarily affect inclusive economic growth through the real GDP per capita growth channel..

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