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On the Concept and Dimension of Human Capital in a Knowledge-Based

  • Mireille Laroche
  • Marcel Mérette
  • G. C. Ruggeri
Registered author(s):

    Economy Context Technological changes, along with the globalization of markets, are transforming industrial countries into knowledge-driven economies. This shift has made human capital one of the leading public policy themes. However, existing measures of investment do not allow policymakers to comprehend fully the implications of human capital on economic performance and technological advancement. This paper discusses the elements of a comprehensive definition of human capital and identifies the fundamental differences between human and physical capital. It shows that the main features of human capital and its differences with physical capital have implications for national income acounting, the classification of government expenditures, and the endogenous growth literature.

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    Article provided by University of Toronto Press in its journal Canadian Public Policy.

    Volume (Year): 25 (1999)
    Issue (Month): 1 (March)
    Pages: 87-100

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    Handle: RePEc:cpp:issued:v:25:y:1999:i:1:p:87-100
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    1. Robert J. Barro & Jong-Wha Lee, 1993. "International Comparisons of Educational Attainment," NBER Working Papers 4349, National Bureau of Economic Research, Inc.
    2. 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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    4. 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.
    5. John F. Helliwell, 1996. "Economic Growth and Social Capital in Asia," NBER Working Papers 5470, National Bureau of Economic Research, Inc.
    6. Robert G. King & Sergio Rebelo, 1990. "Public Policy and Economic Growth: Developing Neoclassical Implications," NBER Working Papers 3338, National Bureau of Economic Research, Inc.
    7. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
    8. Jones, Larry E & Manuelli, Rodolfo E & Rossi, Peter E, 1993. "Optimal Taxation in Models of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 485-517, June.
    9. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 9.
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    11. R. Tiff Macklem, 1997. "Aggregate Wealth in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 30(1), pages 152-68, February.
    12. Milka S. Kirova & Robert S. Lipsey, 1998. "Measuring Real Investment: Trends in the United States and International Comparisons," NBER Working Papers 6404, National Bureau of Economic Research, Inc.
    13. Acemoglu, Daron, 1996. "A Microfoundation for Social Increasing Returns in Human Capital Accumulation," The Quarterly Journal of Economics, MIT Press, vol. 111(3), pages 779-804, August.
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