Özet:

In the literature, it has been argued over the years what economic growth is and what factors determine economic growth. Accordingly, different economic growth models have been developed. There are four important factors that determine economic growth. These factors are in the most general sense capital accumulation, labor, natural resources and technological developments. Although each of these factors plays an important role in economic growth, the most important of these is the human factor. Because, without skilled labor, the abundance of natural resources and capital accumulation will be insufficient to a country at the level of developed countries. This study analyzes the relationship between human capital and economic growth for Central Asian countries. Human capital is expressed in three different variables as indicators of education and health expenditures and human development index. The data set belongs to 1991-2016 years and panel data is used in the analysis. In this context, it is determined that there is a significant correlation between human capital and economic growth variables in the Central Asian countries in the long run, according to the panel Pedroni cointegration and panel FMOLS tests.

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