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Human Capital Prices, Productivity and Growth

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Author Info
Audra J. Bowlus (University of Western Ontario)
Chris Robinson (University of Western Ontario)

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Abstract

Separate identification of the price and quantity of human capital has important implications for understanding key issues in labor economics and macroeconomics. Price and quantity series are derived and subjected to robustness checks. The human capital price series associated with different education levels are highly correlated and exhibit a strong secular trend. Three resulting implications are explored: (1) using the derived quantities life-cycle profiles are re-examined; (2) the rising college premium is reinterpreted and found to be mainly driven by relative quantity changes, and (3) adjusting the labor input for quality increases dramatically reduces the contribution of MFP to growth.

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Publisher Info
Paper provided by University of Western Ontario, CIBC Human Capital and Productivity Project in its series University of Western Ontario, CIBC Human Capital and Productivity Project Working Papers with number 20085.

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Date of creation: 2008
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Handle: RePEc:uwo:hcuwoc:20085

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Postal: CIBC Human Capital and Productivity Project, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85228
Web page: http://economics.uwo.ca/econref/WorkingPapers/

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  8. Audra J. Bowlus & Haoming Liu & Chris Robinson, 2005. "Human Capital, Productivity and Growth," University of Western Ontario, CIBC Human Capital and Productivity Project Working Papers 20052, University of Western Ontario, CIBC Human Capital and Productivity Project. [Downloadable!]
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  13. Fatih Guvenen & Burhanettin Kuruscu, 2007. "A Quantitative Analysis of the Evolution of the U.S. Wage Distribution: 1970-2000," NBER Working Papers 13095, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  20. Burhanettin Kuruscu, 2006. "Training and Lifetime Income," American Economic Review, American Economic Association, vol. 96(3), pages 832-846, June. [Downloadable!]
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