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Human Capital Measurement: A Survey


  • Giuseppe Folloni
  • Giorgio Vittadini


After a short history of the concept of human capital (henceforth HC) in economic thought ( Section 1 ), this study presents the two main methods for estimating the value of the stock of HC - the retrospective and prospective one - with a review of the models proposed ( Section 2 ). These methods are linked both to the theory of HC investment as a rational choice ( Section 3 ), the literature analysing the contribution of HC investment to economic growth and the HC estimating method through educational attainment ( Section 4 ). The more recent literature on HC as a latent variable is also assessed ( Section 5 ) and a new method of estimation where HC is seen both as an unknown function of formative indicators and as a 'latent effect' underlying earned income is proposed ( Section 6 ). Section 7 concludes. Copyright © 2010 Blackwell Publishing Ltd.

Suggested Citation

  • Giuseppe Folloni & Giorgio Vittadini, 2010. "Human Capital Measurement: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 24(2), pages 248-279, April.
  • Handle: RePEc:bla:jecsur:v:24:y:2010:i:2:p:248-279

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    Cited by:

    1. Claudio Socci & Maurizio Ciaschini & Lorenzo Toffoli, 2015. "Education services and reallocation of government expenditure," International Journal of Education Economics and Development, Inderscience Enterprises Ltd, vol. 6(1), pages 38-58.
    2. Gilberto Antonelli & Roberto Antonietti & Giovanni Guidetti, 2010. "Organizational Change, Skill Formation, Human Capital Measurement: Evidence From Italian Manufacturing Firms," Journal of Economic Surveys, Wiley Blackwell, vol. 24(2), pages 206-247, April.
    3. Ugo Fratesi, 2014. "Editorial: The Mobility of High-Skilled Workers - Causes and Consequences," Regional Studies, Taylor & Francis Journals, vol. 48(10), pages 1587-1591, October.
    4. Dmitry V. Kovalevsky, 2011. "Deterministric and Stochastic Growth in the Structural Dynamic Economic Model SDEM-2," DEGIT Conference Papers c016_043, DEGIT, Dynamics, Economic Growth, and International Trade.
    5. Teixeira, Aurora A.C. & Tavares-Lehmann, Ana Teresa, 2014. "Human capital intensity in technology-based firms located in Portugal: Does foreign ownership matter?," Research Policy, Elsevier, vol. 43(4), pages 737-748.
    6. Meir Russ & Bino Catasùs, 2014. "Editorial. Intellectual Capital and Management Control: Human Capital Valuation and other challenges," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2014(2), pages 5-21.
    7. Vana Tsimopoulou & Matthijs Kok & Johannes Vrijling, 2015. "Economic optimization of flood prevention systems in the Netherlands," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 20(6), pages 891-912, August.
    8. Myasoyedov, Sergei & Martirosyan, Emil & Sergeeva, Anastasia, 2015. "Modern Forms of Globalization of Human Capital - The New Trends in the Global Mobility of Staff," Published Papers 2312, Russian Presidential Academy of National Economy and Public Administration.
    9. Aneta Karasek & Valerij Dermol, 2015. "The Creative Class in Poland and Its Impact on Innovation in Polish Regions," Management, University of Primorska, Faculty of Management Koper, vol. 10(4), pages 299-314.
    10. Silves J.C. Moreira & Pedro Cosme Vieira & Aurora A.C. Teixeira, 2014. "Estimating the human capital stock for Cape Verde, 1950-2012," FEP Working Papers 547, Universidade do Porto, Faculdade de Economia do Porto.
    11. J. François Outreville, 2015. "The Relationship Between Relative Risk Aversion And The Level Of Education: A Survey And Implications For The Demand For Life Insurance," Journal of Economic Surveys, Wiley Blackwell, vol. 29(1), pages 97-111, February.
    12. Zhu, Yanyuan & Feng, Xiao, 2014. "China's national production function since 1997: A reinvestigation," Working Papers in Economics 2014,2, Bundeswehr University Munich, Economic Research Group.
    13. Caragliu, Andrea & Del Bo, Chiara, 2011. "Determinants of spatial knowledge spillovers in Italian provinces," Socio-Economic Planning Sciences, Elsevier, vol. 45(1), pages 28-37, March.
    14. Peter E.J. Steffen, 2013. "The Real Income Shares of Labor, Human and Physical Capital from Micro- and Macro-Data," Macroeconomics and Finance Series 201309, Hamburg University, Department Wirtschaft und Politik.
    15. Messinis, George & Ahmed, Abdullahi D., 2013. "Cognitive skills, innovation and technology diffusion," Economic Modelling, Elsevier, vol. 30(C), pages 565-578.
    16. Lindmark, Magnus & Andersson, Lars Fredrik, 2014. "Where Was the Wealth of the Nation? Measuring Swedish Capital for the 19th and 20th Centuries," CERE Working Papers 2014:1, CERE - the Center for Environmental and Resource Economics.
    17. Pietro Giorgio Lovaglio & Gianmarco Vacca & Stefano Verzillo, 2016. "Human capital estimation in higher education," Advances in Data Analysis and Classification, Springer;German Classification Society - Gesellschaft für Klassifikation (GfKl);Japanese Classification Society (JCS);Classification and Data Analysis Group of the Italian Statistical Society (CLADAG);International Federation of Classification Societies (IFCS), vol. 10(4), pages 465-489, December.
    18. Peter E.J. Steffen, 2013. "The Real Income Shares of Labor, Human and Physical Capital: Determination Method and First Results for Germany," Macroeconomics and Finance Series 201302, Hamburg University, Department Wirtschaft und Politik.
    19. Ralph Hippe, 2014. "Human Capital in European Regions since the French Revolution," Working Papers 04-14, Association Française de Cliométrie (AFC).
    20. Alena Bušíková, 2013. "Positive and negative impact of increased tertiary attainment," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 6(1), pages 41-57, April.
    21. Alexandre Rambaud & Jacques Richard, 2016. "The " Triple Depreciation Line " (TDL) accounting model and its application to the Human Capital," Working Papers hal-01260004, HAL.

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