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Human capital and poverty reduction in OPEC member-countries
Bosede Comfort Olopade1, Henry Okodua1, Muyiwa Oladosun1
1Department of Economics and Development Studies, College of Business and Social Sciences, Covenant University, Ota, Nigeria.
Heliyon
|September 6, 2019
Summary
Investing in human capital, including education and health, significantly reduces poverty in Organization of the Petroleum Exporting Countries (OPEC) nations. This approach fosters inclusive growth and improves living standards.
Area of Science:
- Economics
- Development Studies
Background:
- The Resource Curse Hypothesis posits natural resources hinder economic growth.
- The link between human capital and poverty in OPEC countries is under-researched.
- Inclusive growth necessitates poverty reduction strategies focusing on human capital.
Purpose of the Study:
- To investigate the interactive relationship between human capital components and poverty reduction.
- To analyze the impact of human capital on poverty in OPEC member countries.
Main Methods:
- Cross-country panel study.
- Utilized panel fully modified least-squares (FMOLS).
- Analyzed data from 12 OPEC member countries.
Main Results:
- Interactive effects of human capital development components have a long-run positive impact on poverty reduction.
- Human capital components positively influence poverty reduction in OPEC countries.
Conclusions:
- Human capital is a critical determinant for economic growth and poverty reduction.
- OPEC countries should prioritize investments in education and health to enhance human capital quality.
- Improving human capital is essential for better living standards and societal welfare.
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