Economics, Econometrics and Finance
4 years ago

Investing in Human Capital Boosts Economic Growth During Economic Downturns.

SSRN Electronic Journal
The Accumulation of Human and Market Capital in the United States: The Long View, 1948–2013
Barbara M. Fraumeni, Michael S. Christian, Jon D. Samuels

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The article looks at how investments in education and skills impact economic growth in the United States from 1948 to 2013. By including human capital in economic analysis, the researchers found that during the late 1990s, reduced investment in human capital slowed economic growth. However, during the 2007-2009 recession, increased investment in human capital helped lessen the negative effects. Overall, periods of high education levels and a younger workforce led to higher economic growth, while slower education growth and an aging workforce reduced growth in the later years.