Influence of Spending on R&D, Spending on Education on human capital (Researchers by country) in South America

The capacity of a country in scientific and technological research depends, to a large extent, on the training of highly qualified researchers, this is one of the reasons why several countries allocate expenses for education and R&D, which has allowed them to to be more competitive, in addition, production in science is one of the critical factors of development for countries, however the destination of these expenses continues to be greater in developed countries than in those that are developing. Therefore, this research seeks to analyze the relationship between human capital measured by the number of researchers dedicated to academic research and development as a dependent variable, public spending on education and R&D spending as explanatory variables for 8 South American countries. Through a random effects panel model, the existence of a statistically significant and positive relationship between the explanatory variables and the dependent variable is shown, using logarithms for the difference of units between the variables. As a policy recommendation, we highlight the importance of public spending on education and R&D to increase human capital, in this case the number of researchers per country.