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Measuring Human Capital Like Physical Capital: What Does It Tell Us?

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  • Judson, Ruth

Abstract

In this paper, I develop a measure of human capital stock that is similar to measuring physical capital by its replacement cost. This measure builds on measures of average educational attainment of the labour force. While it is far from an ideal measure, it is an interesting complement to the educational attainment series and other existing measures of human capital accumulation. In cross-country panel regressions, use of this measure of human capital accumulation yields a positive and significant, but relatively small (about ten per cent) elasticity with per capita GDP growth. Unlike physical capital, the stock of human capital as a share of GDP increases with GDP. This is consistent with the Barro et al. (1995) model of growth with non-mobile human capital and with some predictions of Romer's (1990) model of endogenous growth, but it is not consistent with the predictions of some other growth models. Copyright 2002 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Suggested Citation

  • Judson, Ruth, 2002. "Measuring Human Capital Like Physical Capital: What Does It Tell Us?," Bulletin of Economic Research, Wiley Blackwell, vol. 54(3), pages 209-231, July.
  • Handle: RePEc:bla:buecrs:v:54:y:2002:i:3:p:209-31
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    Cited by:

    1. Justyna Supińska, 2013. "Does human factor matter for economic growth? Determinants of economic growth process in CEE countries in light of spatial theory," Bank i Kredyt, Narodowy Bank Polski, vol. 44(5), pages 505-532.
    2. Petar Kurecic & Filip Kokotovic, 2017. "Examining the "Natural Resource Curse" and the Impact of Various Forms of Capital in Small Tourism and Natural Resource-Dependent Economies," Economies, MDPI, Open Access Journal, vol. 5(1), pages 1-24, February.
    3. Cristian Popescu & Laura Diaconu, 2009. "The relationship between the level of education and the development state of a country," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 56, pages 475-480, November.
    4. Péter Földvári & Bas van Leeuwen & Dmitry Didenko, 2015. "Capital formation and economic growth under central planning and transition: A theoretical and empirical analysis, ca. 1920–2008," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 65(1), pages 27-50, March.
    5. Bas van Leeuwen & Peter Földvári, 2013. "Capital Accumulation and Growth in Central Europe, 1920-2006," Eastern European Economics, Taylor & Francis Journals, vol. 51(5), pages 69-93, September.
    6. O'Mahony, Mary & Vecchi, Michela, 2009. "R&D, knowledge spillovers and company productivity performance," Research Policy, Elsevier, vol. 38(1), pages 35-44, February.
    7. Benos, Nikos & Zotou, Stefania, 2014. "Education and Economic Growth: A Meta-Regression Analysis," World Development, Elsevier, vol. 64(C), pages 669-689.
    8. Neagu Olimpia, 2012. "Labour Productivity And Human Capital In The Eu Countries:An Empirical Analys," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 324-331, July.
    9. repec:cmj:networ:y:2013:i:1:p:12-25 is not listed on IDEAS
    10. Kokotovic, Filip, 2016. "A Panel Regression Analysis Of Human Capital Relevance In Selected Scandinavian And Se European Countries," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 7(1), pages 13-24.
    11. Ernest Simeon O. Odior, 2014. "Government Expenditure on Education and Poverty Reduction: Implications for Achieving the MDGS in Nigeria a Computable General Equilibrium Micro-Simulation Analysis," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(2), pages 150-172, February.
    12. Trinh Le & John Gibson & Les Oxley, 2005. "Measures of human capital: A review of the literature," Treasury Working Paper Series 05/10, New Zealand Treasury.
    13. Van Leeuwen, Bas & van Leeuwen-Li, Jieli & Foldvari, Peter, 2011. "Regional human capital in Republican and New China: Its spread, quality and effects on economic growth," MPRA Paper 43582, University Library of Munich, Germany.
    14. Maack, Maria & Davidsdottir, Brynhildur, 2015. "Five capital impact assessment: Appraisal framework based on theory of sustainable well-being," Renewable and Sustainable Energy Reviews, Elsevier, vol. 50(C), pages 1338-1351.
    15. 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.
    16. Les OXxley & Ttrinh Le & John Gibson, 2008. "Measuring Human Capital: Alternative Methods and International Evidence," Korean Economic Review, Korean Economic Association, vol. 24, pages 283-344.

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