Labor as a Factor of Production - A Case Study of the Czech Republic

Bc. Alžběta Kolorosová

Master's thesis

Abstract:

The goal of this diploma thesis is to analyze aspects connected to subset of labor, precisely human capital, such as educational and demographic changes, as well as, to analyze the impact of human capital on economic growth. The thesis is divided into two parts. Firstly, in the theoretical part, all relevant and necessary terms connected to labor and human capital, such as supply and demand, wages, or unemployment, are explained and clarified. Secondly, in the analytical part, descriptive analysis of aspects of education and health, influenced by demographic changes, as main components of human capital, is conducted using quantitative and qualitative research, based on necessary data mining. Thirdly, also in the analytical part, econometric analysis is conducted to determine and quantify the impact of human capital on economic growth in the Czech Republic. For example, the analysis shows, that in the period from 1995 until 2008, the number of university students increased by 136% and the public investments per student increased by 37%, which implies positive influence on the quantity and quality of human capital.

Keywords

labor, economic growth, employment, wages, education, demographic changes, Czech Republic, human capital

Language used: English

Date on which the thesis was submitted / produced: 28. 3. 2017

Thesis defence

• Supervisor: doc. Ing. Mansoor Maitah, Ph.D. Ph.D.

Czech University of Life Sciences Prague

Faculty of Economics and Management

Master programme / field:
Economics and Management / Economics and Management