THE RELATIONSHIP BETWEEN ECONOMIC GROWTH AND PHYSICAL CAPITAL, HUMAN CAPITAL AND ENERGY CONSUMPTION IN TURKEY: NARDL APPROACH

Abstract

When the economic developments taking place in the world are analyzed, the MRW model, which is examined under the Neoclassical growth model, divides the capital accumulation into physical capital and human capital. In later models of internal growth, human capital and physical capital factors are examined separately and the effect of human capital on economic growth is emphasized. In addition, studies that examine the effects of the energy factor on economic growth by the influence of the oil crisis that took place in the 1970s are remarkable. In the framework of the description, this study aims to Turkey in physical capital, human capital and the changes occurring in the energy consumption of factors is to examine the impact on GDP. In this study, physical capital of Turkey between the years 1965-2014, using human capital data and energy consumption, the effects of economic growth variables are tested with NARDL method.