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L'immatérielle richesse des nations

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  • Thomas Melonio
  • Xavier Timbeau

Abstract

Human capital plays an increasing role in modern economies, so that education often is the largest spending of States. These spendings imply an asset whereas not accounted for. We estimate the evolution of the stock of French educational capital from 1971 to 2050 with two approaches. In the first one, educational capital is calculated as the accumulation of educational spendings, depreciated each year at an estimated rate. The second method assimilates States with fiscal optimizers and estimates educational capital through expected fiscal revenues. Both methods show a strong increase in French educational capital from 1971 to 2002, by roughly 60 GDP percentage points. Today, French educational capital would be worth around 140 percentage. This amount is expected to grow slighlty over the next 20 years, with highly educated generations replacing low educated ones, and to diminish afterwards with an anticipated decline in generation sizes. JEL codes: I20, H54, H63.

Suggested Citation

  • Thomas Melonio & Xavier Timbeau, 2006. "L'immatérielle richesse des nations," Revue de l'OFCE, Presses de Sciences-Po, vol. 97(2), pages 329-363.
  • Handle: RePEc:cai:reofsp:reof_097_0329
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    References listed on IDEAS

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    1. Henri Sterdyniak, 2004. "L'introuvable réforme fiscale," Sciences Po publications info:hdl:2441/5127, Sciences Po.
    2. Mikael Lindahl & Alan B. Krueger, 2001. "Education for Growth: Why and for Whom?," Journal of Economic Literature, American Economic Association, pages 1101-1136.
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    7. Colm Harmon & Ian Walker & Niels Westergaard-Nielsen, 2001. "Introduction [to Education and earnings in Europe : a cross country analysis of the returns to education]," Open Access publications 10197/757, School of Economics, University College Dublin.
    8. Card, David, 1999. "The causal effect of education on earnings," Handbook of Labor Economics,in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 30, pages 1801-1863 Elsevier.
    9. Moretti, Enrico, 2004. "Estimating the social return to higher education: evidence from longitudinal and repeated cross-sectional data," Journal of Econometrics, Elsevier, pages 175-212.
    10. George Psacharopoulos & Harry Anthony Patrinos, 2004. "Returns to investment in education: a further update," Education Economics, Taylor & Francis Journals, pages 111-134.
    11. Jacob A. Mincer, 1974. "Age and Experience Profiles of Earnings," NBER Chapters,in: Schooling, Experience, and Earnings, pages 64-82 National Bureau of Economic Research, Inc.
    12. Joshua D. Angrist & Alan B. Keueger, 1991. "Does Compulsory School Attendance Affect Schooling and Earnings?," The Quarterly Journal of Economics, Oxford University Press, vol. 106(4), pages 979-1014.
    13. John W. Kendrick, 1976. "The Formation and Stocks of Total Capital," NBER Books, National Bureau of Economic Research, Inc, number kend76-1.
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    15. Ashenfelter, Orley & Krueger, Alan B, 1994. "Estimates of the Economic Returns to Schooling from a New Sample of Twins," American Economic Review, American Economic Association, pages 1157-1173.
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    17. Ashenfelter, Orley & Krueger, Alan B, 1994. "Estimates of the Economic Returns to Schooling from a New Sample of Twins," American Economic Review, American Economic Association, pages 1157-1173.
    18. Robert Eisner, 1984. "Transfers in a Total Incomes System of Accounts," NBER Chapters,in: Economic Transfers in the United States, pages 9-36 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Guillaume Allègre & Thomas Melonio & Xavier Timbeau, 2012. "Dépenses publiques d'éducation et inégalités. Une perspective de cycle de vie," Revue économique, Presses de Sciences-Po, vol. 63(6), pages 1055-1079.
    2. Xavier Timbeau, 2011. "Solidarité intergénérationnelle et dette publique," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 191-212.
    3. repec:spo:wpecon:info:hdl:2441/5l6uh8ogmqildh09h84a0it2m is not listed on IDEAS
    4. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09hi4j70a29 is not listed on IDEAS
    5. Céline Antonin & Thomas Melonio & Xavier Timbeau, 2012. "L'epargne nette ré-ajustée," Revue de l'OFCE, Presses de Sciences-Po, pages 259-286.

    More about this item

    JEL classification:

    • I20 - Health, Education, and Welfare - - Education - - - General
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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