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A new macroeconomic measure of human capital exploiting PISA and PIAAC: linking education policies to productivity

Author

Listed:
  • Balázs Égert
  • Christine de la Maisonneuve
  • David Turner

Abstract

This paper develops a new measure of human capital, calculated as a cohort-weighted average of the quality of education (PISA scores) and the quantity of education (mean years of schooling). Contrary to the existing studies, the relative weights of quality and quantity are estimated (and not calibrated). The quality of education is estimated to be three to four times more important for education than the quantity of education. The new measure has a strong link to productivity, which materialises with long lags. Productivity gains are much greater from improvements in the quality than quantity component of human capital.

Suggested Citation

  • Balázs Égert & Christine de la Maisonneuve & David Turner, 2024. "A new macroeconomic measure of human capital exploiting PISA and PIAAC: linking education policies to productivity," Education Economics, Taylor & Francis Journals, vol. 32(6), pages 745-761, November.
    • Handle: RePEc:taf:edecon:v:32:y:2024:i:6:p:745-761
    DOI: 10.1080/09645292.2024.2318221
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    Citations

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    Cited by:

    1. Balázs Égert & Christine de la Maisonneuve, 2024. "The impact of the war on human capital and productivity in Ukraine," Policy Studies, Taylor & Francis Journals, vol. 45(3-4), pages 282-292, May.
    2. Izabela Sobiech Pellegrini & Rafał Chmura & Jakub Sawulski & Tymoteusz Mętrak, 2025. "Can the improvements in human capital quality mitigate the negative impact of ageing on growth? Evidence from selected EU countries," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 33(2), pages 253-274, April.
    3. Ángel de la Fuente & Rafael Doménech, 2024. "Cross‐country data on skills and the quality of schooling: A selective survey," Journal of Economic Surveys, Wiley Blackwell, vol. 38(1), pages 3-26, February.
    4. Pfeiffer, Philipp & Varga, Janos & in 't Veld, Jan, 2024. "Unleashing potential: Model-based reform benchmarking for EU Member States," European Journal of Political Economy, Elsevier, vol. 83(C).
    5. Christine de la Maisonneuve & Balázs Égert & David Turner, 2023. "Quantifying the Macroeconomic Impact of COVID-19-Related School Closures through the Human Capital Channel," Economies, MDPI, vol. 11(12), pages 1-14, November.
    6. Raphaël Martin & Thomas Renault & Baptiste Roux, 2022. "Baisse de la productivité en France : échec en « maths » ?," Post-Print hal-04084079, HAL.
    7. Jarmila Botev & Balazs Egert & David Turner, 2022. "The Effect of Structural Reforms: Do They Differ between GDP and Adjusted Household Disposable Income?," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 14(12), pages 1-55, December.
    8. Arpaia Alfonso, 2025. "How Skills Can Drive Competitiveness," Intereconomics: Review of European Economic Policy, Sciendo, vol. 60(1), pages 18-27.
    9. D’Andrea, Sara & D’Andrea, Silvia & Di Bartolomeo, Giovanni & D’Imperio, Paolo & Infantino, Giancarlo & Meacci, Mara, 2024. "The macroeconomic impact of structural reforms: The case of Italy," Journal of Policy Modeling, Elsevier, vol. 46(5), pages 946-963.
    10. Marites M. Cuyos, Mbm & John Michael P. Castino, Dm, Lpt, 2025. "Feasibility Study on the Offering of Bachelor of Science in Business Administration Major in Human Resource Management (BSBA-HRM) Program at Cronasia Foundation College, Inc," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(3s), pages 3736-3762, May.
    11. Wang, Jiabin & Qiao, Li & Zhu, Guofen & Di, Kaisheng & Zhang, Xihui, 2025. "Research on the driving factors and impact mechanisms of green new quality productive forces in high-tech retail enterprises under China's Dual Carbon Goals," Journal of Retailing and Consumer Services, Elsevier, vol. 82(C).
    12. Stemper, Samuel, 2025. "Trends in international assessments and outcomes in adulthood," Economics of Education Review, Elsevier, vol. 109(C).
    13. Bughin, Jacques, 2025. "Corporate AI play and short term skill-biased AI change," Technology in Society, Elsevier, vol. 82(C).
    14. DI PIETRO Giorgio & KARPINSKI Zbigniew, 2024. "Teaching mathematics for success: A data-driven review and analysis of best practices," JRC Research Reports JRC140539, Joint Research Centre.

    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • I20 - Health, Education, and Welfare - - Education - - - General
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development
    • I26 - Health, Education, and Welfare - - Education - - - Returns to Education
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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