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Firman Bunyamin
Ministry of Finance

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THE IMPACT OF PHYSICAL CAPITAL AND HUMAN CAPITAL (LEVEL OF EDUCATION) ON GROWTH IN INDONESIA Firman Bunyamin
Jurnal Ekonomi dan Pembangunan Vol 30 No 2 (2022): Jurnal Ekonomi dan Pembangunan
Publisher : Economic Research Center, the Indonesian Institute of Sciences (P2E-LIPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14203/JEP.30.2.2022.115-130

Abstract

The purpose of this study is to investigate, by use of relevant robust econometric modelling, physical capital and human capital, and their impact on growth in Indonesia for policy analysis. The Auto Regressive Distributed Lag (ARDL) by Pesaran and Pesaran (1997) were chosen for supporting the relationship analysis. The important finding for policy analysis is that human capital appears to be a continuing factor shaping Indonesia’s growth, along with physical capital accumulation, with particularly strong effects for human capital arising from tertiary education. Physical capital has shown a strong and significant impact on the growth in the long run and indicates that Indonesia needs long term investment to generate growth. Such investment has distinction which related to sustainable operation such as infrastructure, sophisticated services, and venture capital. Consequently, it requires high skill labour supplied by tertiary education institutions. A further development of tertiary education next to enhancement of investment environment in manufacture and service sector should be set as priority programs in inducing growth.
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