The Promoting Effects Assessment on Human Capital and Science and Technology Advancement to Economic Growth: Taking Korea As an Example

How to appraise the contribution rate of the human capital and science and technology advancement to economic growth, most of researchers have used new growth theory at present. But in this paper, there is the formidable problem no matter in theory or on the method. Takes Korea as an example, this paper approaches the contribution rate of the human capital and science and technology advancement to economic growth. It is calculated that the economic growth of Korea follows the model which takes the material capital as the main power and innovation as the secondary power between 1970 and 1997. But after financial crisis in 1997, the way of economic growth had transformed into the double impetus of investment - innovation. The contribution rate of the material capital growth to economic growth has reduced to 44.43%. The contribution rate of the innovations has achieved 41.44% (the factor of Technical progress is 24.02%; the factor of human capital innovation is 15.82%; the factor of institution innovation is 1.6%). The proportion of research and development funds that account for GDP has changed form 0.4% in 1970 to 3% in 2006. The average number of schooling years per person has changed from 4.5 years in 1970 to 12.61 years in 2000. The science and technology and the education develop so fast, which powerfully supported the Korea economy for several dozens year.