APPLICATION OF THE EXTENDED COBB–DOUGLAS PRODUCTION FUNCTION TO MEASURE THE CONTRIBUTION OF HIGH-QUALITY HUMAN RESOURCES TO LOCAL ECONOMIC GROWTH: THEORETICAL AND EMPIRICAL FRAMEWORK IN BAC NINH PROVINCE

Abstract

This study applies the extended Cobb–Douglas production function to propose a theoretical framework for measuring the contribution of high-quality human resources to local economic growth. Based on statistical data from Bac Ninh province during the period 2016–2023, the research quantifies the impact of capital, labor, and high-quality human resources on Gross Regional Domestic Product (GRDP). Among these, the high-quality human resources variable demonstrates a high elasticity coefficient and statistical significance. The results reaffirm the pivotal role of human resource quality in sustainable development and provide policy implications aligned with the provincial development master plan through 2050.