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Measuring the UK's human capital stock

Author

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  • Richard Jones

    (Office for National Statistics)

  • Blessing Chiripanhura

    (Office for National Statistics)

Abstract

SummaryEstimates of the UK's stock of human capital are derived by applying a lifetime labour income methodology to data from the UK Labour Force Survey. The results show that using an annual discount rate of 3.5 per cent and assuming annual labour productivity growth of 2 per cent, the market value of the UK's human capital stock in 2009 was £16,686 billion. This is more than two‐and‐a‐half times the Blue Book estimate of the Net Worth of the UK for the same year and £2,703 billion higher than the estimate for the human capital stock in 2001. In 2009, the average human capital stock per head of working age population was £419,326. This is £46,797 higher than in 2001 but only £717 higher than in 2007. Less time in paid employment over their lifetime and lower average labour market earnings means that the total market value of women's human capital (£6,481 billion) was around 63 per cent of men's (£10,206 billion). In 2009, one‐third of the human capital stock was embodied in the 21.7 per cent of the working age population whose highest educational attainment was a degree or equivalent.

Suggested Citation

  • Richard Jones & Blessing Chiripanhura, 2010. "Measuring the UK's human capital stock," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 4(11), pages 36-63, November.
  • Handle: RePEc:pal:ecolmr:v:4:y:2010:i:11:p:36-63
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    Cited by:

    1. Laverde, Henry, 2015. "Analysis of human capital by means of a prospective method: A study for Latin America," MPRA Paper 81633, University Library of Munich, Germany, revised Jul 2017.
    2. repec:sls:ipmsls:v:33:y:2017:7 is not listed on IDEAS
    3. Michael S. Christian, 2014. "Human Capital Accounting in the United States: Context, Measurement, and Application," NBER Chapters,in: Measuring Economic Sustainability and Progress, pages 461-491 National Bureau of Economic Research, Inc.
    4. Neagu Olimpia, 2012. "The Market Value Of Human Capital: An Empirical Analysis," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 256-264, December.
    5. 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.
    6. 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.
    7. Michael S. Christian, 2011. "Human Capital Accounting in the United States: Context, Measurement, and Application," BEA Working Papers 0073, Bureau of Economic Analysis.

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