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A Forward-Looking Measure Of The Stock Of Human Capital In New Zealand

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  • TRINH LE
  • JOHN GIBSON
  • LES OXLEY

Abstract

Human capital is increasingly believed to play an important role in the growth process; however, adequately measuring its stock remains controversial. Because the estimated impact that human capital has on economic growth is sensitive to the measures or proxies of human capital, accurate and consistent measures are needed. While many measures of human capital have been developed, most rely on some proxy of educational experience and are thus plagued with limitations. In this study, we modify the lifetime labour income approach outlined by (The Measurement of Savings, Investment and Wealth, Chicago, IL, University of Chicago Press, 1989, pp. 227-282; Output Measurement in the Services Sector, Chicago, IL, University of Chicago Press, 1992, pp. 303-338) to estimate the monetary value of the human capital stock for New Zealand. Based on data from the New Zealand Census of Population, we find that the country's working human capital grew by half between 1981 and 2001, mostly due to the rise in employment level. This stock of human capital was also well over double that of physical capital in all the census years studied. Copyright � 2006 The Authors; Journal compilation � 2006 Blackwell Publishing Ltd and The University of Manchester.

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Bibliographic Info

Article provided by University of Manchester in its journal Manchester School.

Volume (Year): 74 (2006)
Issue (Month): 5 (09)
Pages: 593-609

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Handle: RePEc:bla:manchs:v:74:y:2006:i:5:p:593-609

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Cited by:
  1. Matthew D Shapiro, 2003. "Has the rate of economic growth changed? Evidence and lessons for public policy," Reserve Bank of New Zealand Discussion Paper Series DP2003/07, Reserve Bank of New Zealand.
  2. Julia Hall & Grant Scobie, 2005. "Capital Shallowness: A Problem for New Zealand?," Treasury Working Paper Series 05/05, New Zealand Treasury.
  3. Smyslov, Dmitriy, 2007. "A Construction of a Human Capital Indicator of Social Groups," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 6(2), pages 95-125.
  4. Irina Soboleva, 2011. "Patterns of Human Capital Development in Russia: Meeting the Challenge of Market Reforms and Globalization," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 3(2), pages 235-257, July.
  5. James Zuccollo & Sholeh Maani & Bill Kaye-Blake & Lulu Zeng, 2013. "Private Returns to Tertiary Education - How Does New Zealand Compare to the OECD?," Treasury Working Paper Series 13/10, New Zealand Treasury.
  6. Gang Liu, 2013. "Measuring the Stock of Human Capital for International and Inter-temporal Comparisons," NBER Chapters, in: Measuring Economic Sustainability and Progress National Bureau of Economic Research, Inc.
  7. Michael S. Christian, 2011. "Human Capital Accounting in the United States: Context, Measurement, and Application," BEA Working Papers 0073, Bureau of Economic Analysis.
  8. Dean Hyslop & Dave Mare & Jason Timmins, 2003. "Qualifications, Employment and the Value of Human Capital, 1986-2001," Treasury Working Paper Series 03/35, New Zealand Treasury.
  9. Michael S. Christian, 2013. "Human Capital Accounting in the United States: Context, Measurement, and Application," NBER Chapters, in: Measuring Economic Sustainability and Progress National Bureau of Economic Research, Inc.

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