Orasa Tuntiyawongsa. Invesment in human capital and its impact on economic development in Thailand. Doctoral Degree(Economics). Kasetsart University. Office of the University Library. : Kasetsart University, 2017.
Invesment in human capital and its impact on economic development in Thailand
Abstract:
This study aims to: 1) investigate the pattern of causal relationships among human capital investment in Thailand, including education and healthcare and economic development; 2) analyse and compare the effect of educational investment with healthcare investment on economic development; and 3) analyse and compare the effect of government investment in education and healthcare with private investment on economic development. The study employs the path analysis approach using data from 20012012. The findings show that education and healthcare investment indirectly determine Gross Domestic Product (GDP) per capita and Thai well-being through four social variables and three economic variables. Healthcare investment has a comparatively greater effect on GDP per capita than educational investment but has a lesser effect on well-being. Besides, the government is a major source of economic development. Private expenditure on education has only a slight effect on GDP per capita and well-being, meanwhile, private expenses on healthcare do not significantly influence economic development. The policy implications for fostering the accumulation of human capital and economic development are to increase the government budget in health and encourage people to take care of their health. As for the education aspect, the quality of input should be concentrated. Besides, acquisition of the required labour skills is the expected outcome of the study and this aspect should be properly focused on in order to meet market needs. To support the role of the private sector, tax motivation should be used, especially for cooperative education.
Kasetsart University. Office of the University Library