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On the Concept and Dimension of Human Capital in a Knowledge-Based

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  • Mireille Laroche
  • Marcel Mérette
  • G. C. Ruggeri
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    Abstract

    Economy Context Technological changes, along with the globalization of markets, are transforming industrial countries into knowledge-driven economies. This shift has made human capital one of the leading public policy themes. However, existing measures of investment do not allow policymakers to comprehend fully the implications of human capital on economic performance and technological advancement. This paper discusses the elements of a comprehensive definition of human capital and identifies the fundamental differences between human and physical capital. It shows that the main features of human capital and its differences with physical capital have implications for national income acounting, the classification of government expenditures, and the endogenous growth literature.

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    Bibliographic Info

    Article provided by University of Toronto Press in its journal Canadian Public Policy.

    Volume (Year): 25 (1999)
    Issue (Month): 1 (March)
    Pages: 87-100

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    Handle: RePEc:cpp:issued:v:25:y:1999:i:1:p:87-100

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    1. King, Robert G & Rebelo, Sergio, 1990. "Public Policy and Economic Growth: Developing Neoclassical Implications," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S126-50, October.
    2. Barro, Robert J. & Lee, Jong-Wha, 1993. "International comparisons of educational attainment," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 363-394, December.
    3. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 9.
    4. B. F. Kiker, 1966. "The Historical Roots of the Concept of Human Capital," Journal of Political Economy, University of Chicago Press, vol. 74, pages 481.
    5. Milka S. Kirova & Robert S. Lipsey, 1998. "Measuring Real Investment: Trends in the United States and International Comparisons," NBER Working Papers 6404, National Bureau of Economic Research, Inc.
    6. John F. Helliwell, 1996. "Economic Growth and Social Capital in Asia," NBER Working Papers 5470, National Bureau of Economic Research, Inc.
    7. Blaug, Mark, 1976. "The Empirical Status of Human Capital Theory: A Slightly Jaundiced Survey," Journal of Economic Literature, American Economic Association, vol. 14(3), pages 827-55, September.
    8. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    9. Jacob Mincer, 1958. "Investment in Human Capital and Personal Income Distribution," Journal of Political Economy, University of Chicago Press, vol. 66, pages 281.
    10. Jones, Larry E & Manuelli, Rodolfo E & Rossi, Peter E, 1993. "Optimal Taxation in Models of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 485-517, June.
    11. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
    12. Eicher, Theo S, 1996. "Interaction between Endogenous Human Capital and Technological Change," Review of Economic Studies, Wiley Blackwell, vol. 63(1), pages 127-44, January.
    13. Michael B. Devereux & David R. F. Love, 1994. "The Effects of Factor Taxation in a Two-Sector Model of Endogenous Growth," Canadian Journal of Economics, Canadian Economics Association, vol. 27(3), pages 509-36, August.
    14. R. Tiff Macklem, 1997. "Aggregate Wealth in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 30(1), pages 152-68, February.
    15. Acemoglu, Daron, 1996. "A Microfoundation for Social Increasing Returns in Human Capital Accumulation," The Quarterly Journal of Economics, MIT Press, vol. 111(3), pages 779-804, August.
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