Market Structure, Education and growth
Anastasios I. Magoutas, Theodore A. Papadogonas, George Sfakianakis

Abstract
In a modern globalised economic environment, firms and national economies alike seek for growth and competitiveness advantages through specialized knowledge and innovation. In this context, human capital accumulation plays an exceptionally important role. The positive effects of human capital on economic growth have long been recognized and tested, but mostly at the macroeconomic level, while limited emphasis has been placed on the microeconomic side. In this study we will investigate the influence of human capital on growth rates at the firm level. Using data from Greek manufacturing and panel data techniques, we =estimate an empirical model where human capital appears as one of the independent variables. Our results suggest that, after controlling for other variables such as firm size, physical investment, efficiency, human capital has a positive and significant impact on the growth rates of firms.

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