The
recent development in the growth theory (Romer, 1982) try to incorporate some
of the development variables are human capital into the growth framework.
Thus
the growth theorist stated acknowledge the importance of increased labour force
participation improvement in education and inter-sector transfer of labour from
agriculture, which was earlier part of development thinking.
Thus,
there has been an increase tendency of convergence between growth economies and
development economies. They have also attempt to empirically relate these two
concept of economic growth and human capital development (Gustav Rants and
Frances Stewart, 2001). This study focuses on the two-way relationship
between
economic growth and human capital development as the central objective of human
activity and economic growth potentially very important instrument for
advancing it. At the same time, achievement in human capital development themselves
can make a critical contribution of economic growth. There are thus two
distinct causal chains examined, one runs from economic growth to human capital
development as the resources from national income are allocated to activities
contributing to human capital development, the offer run from human capital
development to economic growth indicating how, in addition to being and end in
it human capital development help to increase national income. This type of
framework will act as an analytical base for the paper.
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