Determinan Modal Manusia Di Indonesia: Menggunakan Estimasi Panel

Indra Suhendra


Human capital is very important and crucial. Its existence can encourage a faster acceleration in a country's economic growth. This research was conducted to study the determinants of human capital in the context of provinces in Indonesia, which consists of per capita GRDP, availability of per capita deposits, per capita health sector budget realization, and per capita education budget realization during the period 2015 to 2019. Human capital is calculated using the average years of schooling and the expected years of schooling which are formulated in an education index as the UNDP's education index formula in estimating human capital. The findings of this research are that human capital in the current year is positively and significantly affected by per capita GRDP, per capita health sector budget realization, and per capita education budget realization. Also affected positively but not significantly by the availability of savings per capita. This research is useful for policymakers in Indonesia, especially provincial and district / city governments to continuously increase per capita GRDP, realization of per capita health sector budget, and realization of per capita education sector budget to increase human capital in their respective regions


GRDP, deposits, health budget, educational budget and human capital

Full Text:



Afonso, A., Schuknecht, L., & Tanzi, V. (2010). Income distribution determinants and public spending efficiency. The Journal of Economic Inequality, 8(3), 367-389.

Alexander, K. (1976). The value of an education. Journal of Education Finance, 1(4), 429-467.

Autor, D. H. (2014). Skills, Education, and the Rise of Earnings Inequality. Science, 344(6186), 843-851.

Backer, G. S. (1964). Human capital. National Bureau ofEconomic Research, New-York.

Badan Pusat Statistik, Rata-rata Lama Sekolah, 2010-2020, diambil dari indicator/26/415/1/-metode-baru-rata-rata-lama-sekolah.html

Badan Pusat Statistik, Harapan Lama Sekolah, 2010-2020, diambil dari indicator/26/417/1/-metode-baru-harapan-lama-sekolah.html

Balcerzak, A. F. (2009). Effectiveness Of The Institutional System Related To The Potential Of The Knowledge Based Economy (Efektywnosc systemu instytucjonalnego a potencjal gospodarki opartej ma wiedzy). Ekonomista (The Economist), 6, 713-742.

Balcerzak, A. P., & Pietrzak, M. B. (2016). Quality of institutions for knowledge-based economy within new institutional economics framework. Multiple criteria decision analysis for European countries in the years 2000-2013. Economics & Sociology, 9(4), 66

Bank Indonesia, Posisi Simpanan Masyarakat Rupiah pada Bank Umum dan BPR Menurut Provinsi, Statistik Ekonomi Keuangan Indonesia (SEKI), diambil dari statistik/ekonomi-keuangan/seki/Default.aspx

Barro, R. J., & Lee J. W. (1993), International Comparisons Of Educational Attainment. Journal of Monetary Economics 32(3), December, 363-394.

Georgiadis, G., & Binder, M. (2011). Determinants of human development: Capturing the role of institutions.

Chani, M. I., Pervaiz, Z., Jan, S. A., & Chaudhary, A. R. (2014). Human Capital Inequality and Income Inequaity: testing for Causality. Quality & Quantity, 48(1), 149-156

De Gregorio, J. D., & Lee, J. W. (2002). Education and Income Inequality: New Evidence from Cross-Country Data. Review of Income and Wealth, 48(3), 395-416

De Muro, P., & Tridico, P. (2008, November). The role of institutions for human development. In HDCA Conference, New Delhi, September.

Frank, R. (2007). & Bernanke, BS. Principles of Microeconomics, Nueva York: McGraw-Hill/Irwin.

Hanushek, E. A., & Kimko, D. D. (2000). Schooling, labor-force quality, and the growth of nations. American economic review, 90(5), 1184-1208.

Hanushek, E. A., & Woessmann, L. (2008). The role of cognitive skills in economic development. Journal of economic literature, 46(3), 607-68.

Islam, N. (1995). Growth Empirics: a Panel Data Approach. Quarterly Journal of Economics 110, 1127–1170.

Jaumotte, F., Lall, S., & Papageorgiou, C. (2013). Rising Income Inequality: Technology, or Trade and Financial Globalization?. IMF Economic Review, 61 (2), 271–309.

Jun, Y., Kui, Y. Z., & Fei, S. P. (2011). Income Distribution, Human Capital and Environmental Quality: Empirical Study in China. Energy Procedia Sience direct-Elsevier, 5, 1689–1696.

Lachler, Ulrich. & David Alan Aschauer. 1998. Public Investment and Economic Growth in Mexico. Policy Research Working Paper No. 1964. pp. 1 – 24

Laporan Belanja Realisasi Per Fungsi pada Realisasi APBD tahun 2015, 2016, 2017, 2018, 2019, Subdit Data Keuangan Daerah, Direktorat Evaluasi dan Sistem Informasi, Direktorat Jenderal Perimbangan Keuangan, Kementerian Keuangan Repubik Indonesia.

Lazerson, M., & Grubb, W. N. (2004). The education gospel: The economic power of schooling. Harvard University Press.

Lee, J. W., & Lee, H. (2018). Human Capital and Income Inequality. Journal of the Asia Pacific Economy, 23(4), 554-583.

Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1), 3-42.

Lustig, N., Calva, L. F. L., & Juarez, E. O. (2013). Declining Inequality in Latin America in the 2000s: The cases of Argentina, Brazil, and Mexico. Washington, DC: The World Bank

Maazouz, M. (2013). Return to investment in human capital and policy of labour market: Empirical analysis of developing countries. Procedia Economics and Finance, 5, 524-531.,

Nelson, R. R., & Phelps, E. S. (1966). Investment in humans, technological diffusion, and economic growth. The American economic review, 56(1/2), 69-75.

Oketch, M. O. (2006). Determinants of human capital formation and economic growth of African countries. Economics of Education Review, 25(5), 554-564.

Rastogi, P. N. (2002). Knowledge management and intellectual capital as a paradigm of value creation. Human systems management, 21(4), 229-240.

Romer, P. M. (1990). Endogenous technological change. Journal of political Economy, 98(5, Part 2), S71-S102.

Romer, David. 2006. Advanced Macroeconomics. McGraw Hill International Book Company.

Sapkota, J. B. (2014). Access to infrastructure and human development: Cross-country evidence. Perspectives on the Post-2015 Development Agenda. Tokyo: JICA Research Institute.

Schultz, T. W. (1961). Investment in human capital. The American economic review, 1-17.

Sen, A. (1999). Development as Freedom (New York: Anchor). South Indian ICT Clusters, 227.

Serena, M. J. F. (2001). Human Capital Accumulation And Economic Growth. Investigaciones Económicas, 25(3), 585-602.

Sharpe, A. (2001). The development of indicators for human capital sustainability. McGill University, Montreal.

Shuaibu, M. (2016). Determinants of human capital development in Africa: a panel data analysis. Oeconomia Copernicana, 7(4), 523-549.

Suhendra, I. (2020). Modal Manusia Dan Pertumbuhan Ekonomi Di Indonesia Menggunakan Estimasi Panel. Jurnal Ekonomi-Qu, 10(2), 225-239.

Suhendra., I., Istikomah, N., Ginanjar, R. F., & Anwar, C.J. (2020). Human Capital, Income Inequality and Economic Variables: A Panel Data Estimation from a Region in Indonesia. The Journal of Asian Finance, Economics and Business, 7(10), 571-579. DOI :

Willis, R. J., & Rosen, S. (1979). Education and Self Selection. Journal of Political Economy 87 (5). S7 (S36).



  • There are currently no refbacks.

Copyright (c) 2020 Jurnal Riset Bisnis dan Manajemen Tirtayasa

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Creative Commons License

Jurnal Riset Bisnis dan Manajemen Tirtayasa is licensed under a Creative Commons Attribution 4.0 International License