This study aimed to evaluate the long-term dynamic effects of expenditures on higher education in OECD countries and the higher education enrollment rate on human capital and per capita income. The study was designed to achieve realistic results by evaluating both higher education expenditures and enrollment rates. It was determined that in reaction to an increase in the level of human development, higher education expenditures, per capita income and enrollment rates in higher education also increased. So, it can be stated that it is beneficial for these countries to increase their human development levels in order to increase economic growth and to increase their higher education expenditures and the rate of citizens' higher education participation.