To some extent, yes especially economic growth in the long-run; however it does not mean it is the most important factor in the short- mid run. An obvious example is China's economic development since 1978. China has grown dramatically fast because of its comparative advantage in terms of labour. China has an abundant amount of cheap labour which means lower production cost to start off with. The Chinese government has simultaneously invested heavily on its own industries. According to the Cobb-Douglas production function, economic growth is dependent on capital and labour input; high capital and labour input will boost economic growth. However, given that the concept of the diminishing returns, capital and labour cannot last forever. In order to sustain the long term growth, productivity must take into account. Where does the growth of productivity come from? Obviously human capital.
I will post some journals later to explain more about the Cobb-Douglas production function. Have a look at 邹至庄Chow (1993, 2002) https://bbs.pinggu.org/thread-138406-1-1.html&page=1