چكيده لاتين :
Higher education, through increasing the human capital
stock of individuals, improves productivity and therefore
contributes to economic growth. From economic point of view,
this type of expenditure is considered as a long-run investment
which increases growth rate and forms a higher capacity of
human capacity. The implication is that a dynamic relationship
between growth rates of education, income and investment can
be implemented in a specific time path.
This paper employs ARDL and Panel Data modeling to test
the causal relationship between real income, real investment
and human capital using data for the 16 selected OIC members
over the period 1980-2005. The empirical results approve a
long-run effect of human and physical investments. The results
also imply a crucial rate of human capital which will play in the
future developments of the OIC countries.
