The Impact of Graduate Education on Economic Growth in China:An Empirical Analysis on a Provincial Panel Data from 1996 to 2009
The paper analyses the impact of graduate education on economic growth by a provincial panel data from 1996 to 2009 in China.The study finds that graduate education has a significant positive impact on economic growth in the period 1997-2009,which leads to an annual growth by 0.46 in real GDP and accounts 4.11% on the real GDP annual growth rate.Secondly,graduate education or knowledge capital and human capital have a much lower contribution to economic growth than physical capital.Thirdly,if we neglect the effect of graduate education,we would overestimate the effect of physical capital and underestimate the effect of human capital.Lastly,the impact of graduate education on economic growth in China is lower than that in US.