The Role of Human Capital in Guineaâ€™s Economic Growth: An Empirical Analysis of the Education Effect On Technological Progress over the Period, 1980-2010
IJED, Vol. 11 No. 2, (2018)
This study examines the education effect on Guineaâ€™s economic growth and empirically estimates the contribution of human capital accumulation on technological progress in Guineaâ€™s economy from 1980 to 2010. During this period, Guinea experienced a profound mutation in its political, economic and educational system which led to the implementation of various reforms, especially targeting the economy and the education sector. The educational system as a whole went through three sets of reform programs, occasioning however a significant increase in primary school gross enrolment rate. Following a time-series approach, the study applies the Mankiw, Romer and Weil model and the Solowâ€™s growth accounting framework by using the flow measure of education as proxy. The empirical findings reveal that education had an insignificant effect on Guineaâ€™s economic growth. However, the growth accounting estimations show that education effect on technological progress measured by total factor productivity is proven to be significant and positive.