Is government spending in the education and health sector necessary for human capital development?

Variables and sources of data

Variables used in the present study are human capital, private health expenditure, domestic government health expenditure, government education expenditure, social protection, population growth, and foreign direct investment. Human capital is a dependent variable while all other variables are the independent variable. Time series annual data is utilized from 1971 to 2020; whereas the data of all variables were collected from World Development Indicators (WDI). The detailed description and measurements of all variables are given in Table 1 (See appendix).

Unit root…