Keywords
economic growth
gross domestic product
public expenditure on education
literacy rate
causality
cointegration
How to Cite
Abstract
The objective of the article is to analyze the relationship between education defined as Human Capital and Economic Growth in Colombia through the use of time series data between 1994 and 2018. Therefore, an Error Correction Vector (VEC) model is estimated having as variables the Gross Domestic Product (GDP) in logarithm, public spending on education and the literacy rate, the verification of model assumptions is also applied and causality tests and impulse response function are analyzed to determine the changes of variables to innovations of another. Both public spending on education and the literacy rate were found to have a significant impact on GDP; In addition, the causality test shows that there is a one-way relationship between public spending on education and the literacy rate and economic growth.
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