Human capital, technological progress and industrial restructuring
Kui Zhao, Luyao Zhang
TL;DR
The paper explores how human capital and technological progress influence industrial restructuring in China from 2008 to 2022.
Contribution
It identifies causal relationships and dynamic influences using PVAR and Hansen threshold models.
Findings
Technological progress and industrial restructuring are mutually causal, but not with human capital.
Human capital's influence on industrial restructuring follows a 'fast then slow then smooth' pattern.
Technological progress has a 'V' influence on industrial restructuring and a 'U' influence on human capital.
Abstract
Human capital and technological progress drive industrial restructuring toward rationalization and advancement, clarifying their theoretical interaction and examining the influence mechanism based on China’s three major industries data from 2008 to 2022, employing the PVAR and Hansen threshold models. The study shows that: (1) technological progress and industrial restructuring are mutually causal, while technological progress and human capital, and human capital and industrial restructuring are not mutually causal. (2) Within the research cycle, human capital has a ‘fast then slow then smooth’ influence on industrial structural adjustment, while technological progress has a ‘V’ influence on industrial structural adjustment, and technological progress has a ‘U’ influence on human capital. (3) Human capital and technological progress have played a facilitating role in industrial…
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Taxonomy
TopicsEnergy, Environment, Economic Growth · Economic Growth and Productivity · Innovation Policy and R&D