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Human, Environmental Capitals and Economic Growth: An Empirical Analysis in Developing Countries

Z. Fotourehchi, H. Ebrahimpour


This present empirical analysis uses an unbalanced panel data analysis (fixed effect and GMM estimation methods) associated with 1995-2017 to investigate the augmented growth model proposed by Mankiw, Romer and Weil involving both human and environmental capitals in developing countries. The obtained results suggest that both improving human capitals and degrading environmental capitals exert positive significant effects on the economic growth in these countries. Furthermore, the estimates suggest that the health status has a stronger effect on economic growth compared to other determining factors of economic growth. Based on this result the development strategies should more focus on health-improving policies, especially development with health investment is more important than education and environmental investments.


Economic growth, human capital, environmental capital, unbalanced panel data analysis.

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