Research on the Spillover Effect of Human Capital and Its Effect on Industrial Structure Adjustment and Regional Economic Growth

Abstract

Gary Stanley Becker (1964) analyzed the micro formation mechanism of human capital. Lucas (1988) draws on the Becker results, analyzed the external effects of human capital, and hold that human capital is significant to economic growth. The lack of existing research results in the analysis of human capital externality influence to economic growth from the angle of industrial structure adjustment. This paper has done three jobs: First, It studied that the spillover effect of human capital on the basis of view of the mechanism of economic growth through the adjustment of industrial structure. Second, Herbertsson (2003) model, has researched on the influence measure of human capital externality to economic growth, this paper modifies the Herbertsson model to make the model better reflect the actual situation in China, empirical research is done by Chinese 2002-2014 data. The results show that in the human capital factor in education investment is long, the space of the external effect more obvious, its impact on the industrial structure adjustment and economic growth greater effect on China's industrial structure adjustment and economic growth lag time on the spillover of human capital. On the basis of theoretical and empirical research, this paper puts forward countermeasures and suggestions to promote the internalization of the external effects of human capital in China.