Human Capital Productivity: A New Concept for Productivity Analysis
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.
Volume (Year): 24 (2012)
Issue (Month): (Fall)
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