The Undergraduate Research Journal


Numerous economists have explained economic growth using multiple theories and models, many of which highlight the importance of the accumulation of physical and human capital as the main determinants of growth. This paper aims to study the effect of investment in physical capital and human capital on economic growth and income per capita in Egypt and Malaysia, then develop an inter-relationship between the two forms of capital. The paper argues, using evidence in the form of literature and data, that there is a strong connection between physical and human capital and that sustainable economic growth can only be achieved by investing in both stocks of capital. The paper therefore concludes with a policy recommendation vis- à-vis education in Egypt.

Document Type

Research Article


Economics Department

Institutional Review Board (IRB) Approval

Not necessary for this item