Özet:

With the development of new (endogenaus) growth theories, it is observed that the major role in these theories had been given to human capital. Although official or non-offical education indicators are the main indicators that represent human capital, the indicators about the health level of a society also appear in growth models as an element that feeds human capital and contributes to its development. The literature that discusses the relationship between economic growth and human capital could not come to a consensus about the relationship between the variables that represent human capital and economic growth indicators. There are studies, in the literature, which support one-way or mutual causality relations regarding the direction of the causality. Therefore, it is necessary to conduct predictions by using larger data sets and new econometric models. This study predicts the relationship between human capital and economic growth by using Emirmahmutoglu and Kose (2011) approach, which is one of the new generation panel causality tests, for the four different country groups by income levels which is classified by the World Bank for the period of 1995-2014. We used personal healthcare expenditures, total healthcare expenditures, private healthcare expenditures and public healthcare expenditures as human capital indicators, and personal income as economic growth indicators. The results obtained, according to the country groups, point to two-way causality relationship between variables.

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