A Lucas Model for Describing How Quality of Labor Force Impacts China Economic Growth

摘要

Based on the production function with human capital externalities postulated by new growth theorist Lucas, this study estimates the economic growth factors of Guangdong Province in various periods from 1982 to 2005, with data from China's population census in Guangdong and the 1% national population sample survey. Results indicate increased contributions of labor-force quality, capital stock and total factor to economic growth. Labor-force quality is a major factor affecting economic growth in Guangdong.