THE RELATIONSHIP BETWEEN HUMAN CAPITAL OF HEALTH SECTOR AND ECONOMIC GROWTH IN OPEC COUNTRIES

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FATTAHI SH.; SOHEILI K.; RESHADAT S.; KARIMI P.

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Journal: Journal of Healthcare Management Research Year:2012 | Volume:3 | Issue:3-4 (SERIAL 8) Page(s): 37-51

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Title

THE RELATIONSHIP BETWEEN HUMAN CAPITAL OF HEALTH SECTOR AND ECONOMIC GROWTH IN OPEC COUNTRIES

Author(s)

FATTAHI SH. | SOHEILI K. | RESHADAT S. | KARIMI P. | Issue Writer Certificate

Keywords

HEALTH HUMAN CAPITALQ3

GDP PER CAPITAQ3

PANEL DATAQ3

OPECQ3

GMMQ3

Abstract

Introduction: Human capital plays an important role in the sustainable economic development. Human capital consists of indices like education, health, training, migration, and other investments which improve the productivity. Although much research has been done on the relationship between education, as an index of human capital, and economic growth, little attention has been paid to the role of HEALTH HUMAN CAPITAL.Methods: The paper examines the relationship between health expenditures and economic growth in OPEC countries using panel unit root and panel cointegration tests and also panel long-run estimator for the period 1995-2009.Results: Among OPEC countries, those with higher per capita income (such as Qatar, United Emirates, and Kuwait) have higher per capita health expenditure. The health share of gross domestic product (GDP) is 4.86 percent in Iran. Although this share is higher than average share of OPEC countries (3.81 percent), it is not satisfactory as compared to that of the developed countries (more than 12 percent). The results of estimated model indicate that there is a positive relationship between health expenditure and economic growth so that a 1 percent increase in health expenditure (measured as a percentage of GDP) leads to a 0.06 percent increase in per capita income. Furthermore, the sum of the effects of health and education on growth of per capita income is more than 0.26 percent while the effect of physical capital is just about 0.14 percent.Conclusions: Health should be considered as priority for policy makers. In fact, health expenditure is a long run investment rather than a cost. Increase in the health sector budget, improvement of health services and allocation of more resources toward human capital can increase economic growth.

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APA: Copy

FATTAHI, SH., SOHEILI, K., RESHADAT, S., & KARIMI, P.. (2012). THE RELATIONSHIP BETWEEN HUMAN CAPITAL OF HEALTH SECTOR AND ECONOMIC GROWTH IN OPEC COUNTRIES. JOURNAL OF HEALTHCARE MANAGEMENT (JOURNAL OF HEALTH SYSTEM), 3(3-4 (SERIAL 8)), 37-51. SID. https://sid.ir/paper/232476/en

Vancouver: Copy

FATTAHI SH., SOHEILI K., RESHADAT S., KARIMI P.. THE RELATIONSHIP BETWEEN HUMAN CAPITAL OF HEALTH SECTOR AND ECONOMIC GROWTH IN OPEC COUNTRIES. JOURNAL OF HEALTHCARE MANAGEMENT (JOURNAL OF HEALTH SYSTEM)[Internet]. 2012;3(3-4 (SERIAL 8)):37-51. Available from: https://sid.ir/paper/232476/en

IEEE: Copy

SH. FATTAHI, K. SOHEILI, S. RESHADAT, and P. KARIMI, “THE RELATIONSHIP BETWEEN HUMAN CAPITAL OF HEALTH SECTOR AND ECONOMIC GROWTH IN OPEC COUNTRIES,” JOURNAL OF HEALTHCARE MANAGEMENT (JOURNAL OF HEALTH SYSTEM), vol. 3, no. 3-4 (SERIAL 8), pp. 37–51, 2012, [Online]. Available: https://sid.ir/paper/232476/en

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