Measuring the stock of human capital in New Zealand
Human capital is increasingly believed to play an important role in the growth process; however, adequately measuring its stock remains controversial. Because the estimated impact that human capital has on economic growth is sensitive to the measures or proxies of human capital, accurate and consistent measures of human capital are needed. While many measures of human capital have been developed, most rely on some crude proxy of educational experience and are thus plagued with limitations. In this study, we adopt the lifetime labour income approach outlined by Jorgenson and Fraumeni [D.W. Jorgenson, B.M. Fraumeni, The accumulation of human and non-human capital, 1948–1984, in: R.E. Lipsey, H.S. Tice, The Measurement of Savings, Investment and Wealth, The University of Chicago Press, Chicago, IL, 1989, pp. 227–282; D.W. Jorgenson, B.M. Fraumeni, The output of the education sector, in: Z. Griliches (Ed.), Output Measurement in the Services Sector, The University of Chicago Press, Chicago, IL, 1992, pp. 303–338] to measure the monetary value of the stock of human capital for New Zealand. Jorgenson and Fraumeni's method is innovative in that it simplifies the estimation process, as well as taking into account the potential value of current schooling in addition to that of past schooling. Based on data from the New Zealand Census of Population, we find that the human capital stock of the country's employed work force grew by half between 1981 and 2001, mostly due to the rise in employment level.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 68 (2005)
Issue (Month): 5 ()
|Contact details of provider:|| Web page: http://www.journals.elsevier.com/mathematics-and-computers-in-simulation/|
When requesting a correction, please mention this item's handle: RePEc:eee:matcom:v:68:y:2005:i:5:p:484-497. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.