The Long-Term Impact of Human Resources on Economic Growth According to Bayesian Econometric Approach: A Case Study of Some Developing Countries

Identifying the factors that contribute to the sustained economic growth of countries is the main concern of economic researchers. The present paper employs the Bayesian Model Averaging (BMA) method based on a Bayesian econometrics approach to investigate the effect of three variables of primary, secondary and tertiary gross enrollment ratios on long-term economic growth in a set of developing economies. The empirical findings show that each of these three variables negatively affects the long-term economic growth of developing countries. Furthermore, the secondary gross enrollment ratio certainly and the other two variables uncertainly affect the long-term economic growth.