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Measures of human capital: A review of the literature

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Author Info

  • Trinh Le
  • John Gibson
  • Les Oxley

    ()
    (The Treasury)

Abstract

Human capital is increasingly believed to play an important role in the growth process, however, adequately measuring its stock remains controversial. This paper identifies three general approaches to human capital measurement; cost-based, income-based and education-based, and presents a critical review of the theories and their applications to data from a range of countries. Emphasis on empirical evidence will be given to the case of New Zealand.

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File URL: http://www.treasury.govt.nz/publications/research-policy/wp/2005/05-10/twp05-10.pdf
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Bibliographic Info

Paper provided by New Zealand Treasury in its series Treasury Working Paper Series with number 05/10.

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Length: 50 pages
Date of creation: Nov 2005
Date of revision:
Handle: RePEc:nzt:nztwps:05/10

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Postal: New Zealand Treasury, PO Box 3724, Wellington, New Zealand
Phone: +64-4-472 2733
Fax: +64-4-473 0982
Web page: http://www.treasury.govt.nz
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Related research

Keywords: human capital; economic growth;

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References

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  1. Paul M. Romer, 1989. "Human Capital And Growth: Theory and Evidence," NBER Working Papers 3173, National Bureau of Economic Research, Inc.
  2. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
  3. Casey B. Mulligan & Xavier Sala-i-Martin, 1995. "A Labor-Income-Based Measure of the Value of Human Capital: An Application to the States of the United States," NBER Working Papers 5018, National Bureau of Economic Research, Inc.
  4. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  5. Robert J. Barro & Jong-Wha Lee, 2000. "International Data on Educational Attainment Updates and Implications," NBER Working Papers 7911, National Bureau of Economic Research, Inc.
  6. Judson, Ruth, 2002. "Measuring Human Capital Like Physical Capital: What Does It Tell Us?," Bulletin of Economic Research, Wiley Blackwell, vol. 54(3), pages 209-31, July.
  7. Psacharopoulos, George, 1993. "Returns to investment in education : a global update," Policy Research Working Paper Series 1067, The World Bank.
  8. Angel de la Fuente & Rafael Doménech, 2006. "Human Capital in Growth Regressions: How Much Difference Does Data Quality Make?," Journal of the European Economic Association, MIT Press, vol. 4(1), pages 1-36, 03.
  9. Dale W. Jorgenson & Barbara M. Fraumeni, 1992. "The Output of the Education Sector," NBER Chapters, in: Output Measurement in the Service Sectors, pages 303-341 National Bureau of Economic Research, Inc.
  10. Daniel Cohen & Marcelo Soto, 2007. "Growth and human capital: good data, good results," Journal of Economic Growth, Springer, vol. 12(1), pages 51-76, March.
  11. Tao, Hung-Lin & Stinson, Thomas F., 1997. "An Alternative Measure of Human Capital Stock," Bulletins 7466, University of Minnesota, Economic Development Center.
  12. 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.
  13. Arrow, Kenneth J., 1973. "Higher education as a filter," Journal of Public Economics, Elsevier, vol. 2(3), pages 193-216, July.
  14. Jeong, Byeongju, 2002. "Measurement of human capital input across countries: a method based on the laborer's income," Journal of Development Economics, Elsevier, vol. 67(2), pages 333-349, April.
  15. repec:fth:minnde:97-1 is not listed on IDEAS
  16. Wachtel, Paul, 1997. "A labor-income based measure of the value of human capital: An application to the states of the US: Comments," Japan and the World Economy, Elsevier, vol. 9(2), pages 193-196, May.
  17. Barro, Robert J. & Lee, Jong-Wha, 1993. "International comparisons of educational attainment," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 363-394, December.
  18. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
  19. Eisner, Robert, 1989. "The Total Incomes System of Accounts," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226196381, March.
  20. Alan Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," Working Papers 808, Princeton University, Department of Economics, Industrial Relations Section..
  21. Nehru, Vikram & Swanson, Eric & Dubey, Ashutosh, 1995. "A new database on human capital stock in developing and industrial countries: Sources, methodology, and results," Journal of Development Economics, Elsevier, vol. 46(2), pages 379-401, April.
  22. Barro, Robert J & Lee, Jong Wha, 1996. "International Measures of Schooling Years and Schooling Quality," American Economic Review, American Economic Association, vol. 86(2), pages 218-23, May.
  23. The Treasury, 2001. "Human Capital and the Inclusive Economy," Treasury Working Paper Series 01/16, New Zealand Treasury.
  24. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
  25. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
  26. Ahuja, Vinod & Filmer, Deon, 1995. "Educational attainments in developing countries : new estimates and projections disaggregated by gender," Policy Research Working Paper Series 1489, The World Bank.
  27. Behrman, Jere R & Birdsall, Nancy, 1983. "The Quality of Schooling: Quantity Alone is Misleading," American Economic Review, American Economic Association, vol. 73(5), pages 928-46, December.
  28. Daron Acemoglu, 2001. "Human Capital Policies and the Distribution of Income: A Framework for Analysis and Literature Review," Treasury Working Paper Series 01/03, New Zealand Treasury.
  29. Jacob Mincer, 1958. "Investment in Human Capital and Personal Income Distribution," Journal of Political Economy, University of Chicago Press, vol. 66, pages 281.
  30. Wolff, Edward N., 2000. "Human capital investment and economic growth: exploring the cross-country evidence," Structural Change and Economic Dynamics, Elsevier, vol. 11(4), pages 433-472, December.
  31. Trinh Le & John Gibson & Les Oxley, 2003. "Cost- and Income-based Measures of Human Capital," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 271-307, 07.
  32. Ahlroth, Sofia & Bjorklund, Anders & Forslund, Anders, 1997. "The Output of the Swedish Education Sector," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(1), pages 89-104, March.
  33. Lau, Lawrence J. & Jamison, Dean T. & Louat, Frederic F., 1991. "Education and productivity in developing countries : an aggregate production function approach," Policy Research Working Paper Series 612, The World Bank.
  34. Jones, Larry E & Manuelli, Rodolfo E, 1990. "A Convex Model of Equilibrium Growth: Theory and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1008-38, October.
  35. Mireille Laroche & Marcel Mérette, . "Measuring Human Capital in Canada," Working Papers-Department of Finance Canada 2000-05, Department of Finance Canada.
  36. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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Citations

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Cited by:
  1. Otaviano Canuto & Danny M. Leipziger, 2012. "Ascent after Decline : Regrowing Global Economies after the Great Recession," World Bank Publications, The World Bank, number 2233, October.
  2. Haizheng Li & Barbara M. Fraumeni & Zhiqiang Liu & Xiaojun Wang, 2009. "Human Capital In China," NBER Working Papers 15500, National Bureau of Economic Research, Inc.
  3. Bálint BALOGH, 2013. "How To Measure Human Capital: A Short Review," Network Intelligence Studies, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 1, pages 21-36, July.
  4. Sylvain Dessy & Tiana Rambeloma, 2009. "Immigration Policy, Remittances, and Growth in the Migrant-Sending Country," Cahiers de recherche 0915, CIRPEE.
  5. repec:cmj:networ:y:2013:i:1:p:12-25 is not listed on IDEAS
  6. Tomaso Pompili & Michela Martinoia, 2011. "Building Synthetic Indicators For Aspects Of Territorial Capital Towards Their Impact On Regional Performance," ERSA conference papers ersa11p1528, European Regional Science Association.
  7. Dong-hyun Oh & Almas Heshmati & Hans Loof, 2009. "Technical Change and Total Factor Productivity Growth for Swedish Manufacturing and Service Industries," TEMEP Discussion Papers 200912, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Sep 2009.
  8. Alexander S. Skorobogatov, 2012. "The value of human capital and health behavior," Economics Bulletin, AccessEcon, vol. 32(2), pages 1785-1796.
  9. Paolo Guerrieri & Matteo Lucani & Valentina Meliciani, 2010. "The Determinants of Investment in Information and Communication Technologies," Bruges European Economic Research Papers 16, European Economic Studies Department, College of Europe.
  10. O’Mahony, Mary & Pastor, José Manuel & Peng, Fei & Serrano, Lorenzo & Hernández, Laura, 2012. "Output growth in the post‐compulsory education sector: the European experience," MPRA Paper 44016, University Library of Munich, Germany.
  11. Benos, Nikos & Zotou, Stefania, 2013. "Education and Economic Growth: A Meta-Regression Analysis," MPRA Paper 46143, University Library of Munich, Germany.

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