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Human Capital Productivity: A New Concept for Productivity Analysis

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  • Barbara M. Fraumeni

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Abstract

The concept of human capital, defined as the discounted value of future earnings, has a long history in economics. But human capital has never been directly linked to productivity. This article makes an attempt to bring the concepts of human capital and labour productivity together by introducing a new term, human capital productivity, which is defined as the ratio between an index of discounted future output and an index of human capital. While still in its very early stages of conceptual development and without empirical estimates, the concept of human capital productivity may contribute significantly to our understanding of the role human capital plays in potential output growth.

Suggested Citation

  • Barbara M. Fraumeni, 2012. "Human Capital Productivity: A New Concept for Productivity Analysis," International Productivity Monitor, Centre for the Study of Living Standards, vol. 24, pages 20-26, Fall.
  • Handle: RePEc:sls:ipmsls:v:24:y:2012:2
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    File URL: http://www.csls.ca/ipm/24/IPM-24-Fraumeni.pdf
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    References listed on IDEAS

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    1. Stephen D. Oliner & Daniel E. Sichel, 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 3-22, Fall.
    2. Gang Liu, 2011. "Measuring the Stock of Human Capital for Comparative Analysis: An Application of the Lifetime Income Approach to Selected Countries," OECD Statistics Working Papers 2011/6, OECD Publishing.
    3. Holz, Carsten A., 2006. "New capital estimates for China," China Economic Review, Elsevier, vol. 17(2), pages 142-185.
    4. Lipsey, Robert E. & Tice, Helen Stone (ed.), 1989. "The Measurement of Saving, Investment, and Wealth," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226484686, December.
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    Cited by:

    1. Haizheng Li & Junzi He & Qinyi Liu & Barbara M. Fraumeni & Xiang Zheng, 2016. "Regional Distribution and Dynamics of Human Capital in China 1985-2014: Education, Urbanization, and Aging of the Population," NBER Working Papers 22906, National Bureau of Economic Research, Inc.

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