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Human Capital Accounting in the United States: 1994 to 2006

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  • Michael S. Christian

    (Bureau of Economic Analysis)

Abstract

This paper presents measures of the human capital stock and of investment in human capital for the United States between 1994 and 2006. When both market and non-market production are included, the stock of human capital was equal to about three quarters of quadrillion dollars in 2006, of which about 70 percent was non-market. The account breaks down human capital investment among the effects of births, deaths, aging, and education on human capital, as well as a residual effect attributed to (unmeasured) migration. Measures of gross investment in education are found to be very sensitive to counterfactual assumptions; consequently, investment in education is measured net of aging.

Suggested Citation

  • Michael S. Christian, 2010. "Human Capital Accounting in the United States: 1994 to 2006," BEA Working Papers 0049, Bureau of Economic Analysis.
    • Handle: RePEc:bea:wpaper:0049
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    File URL: https://www.bea.gov/system/files/papers/WP2010-3.pdf
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    References listed on IDEAS

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    1. Jaeger, David A & Page, Marianne E, 1996. "Degrees Matter: New Evidence on Sheepskin Effects in the Returns to Education," The Review of Economics and Statistics, MIT Press, vol. 78(4), pages 733-740, November.
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    4. Jaeger, David A, 1997. "Reconciling the Old and New Census Bureau Education Questions: Recommendations for Researchers," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(3), pages 300-309, July.
    5. Zvi Griliches, 1992. "Output Measurement in the Service Sectors," NBER Books, National Bureau of Economic Research, Inc, number gril92-1, March.
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    Cited by:

    1. Katharine G. Abraham & Justine Mallatt, 2022. "Measuring Human Capital," Journal of Economic Perspectives, American Economic Association, vol. 36(3), pages 103-130, Summer.
    2. Johnny Suxo, 2017. "Cuentas Ambientales del Departamento de Pando en Bolivia: Aplicación del Enfoque Insumo Producto a nivel sub-nacional," Development Research Working Paper Series 03/2017, Institute for Advanced Development Studies.
    3. Trofimov, Ivan D. & Baawi, Nurulhana A., 2020. "Human Capital: State of the Field and Ways to Extend the Concept," MPRA Paper 107039, University Library of Munich, Germany.
    4. Augustin de Coulon & Larissa da Silva Marioni & Mary O'Mahony, 2022. "Transition Probabilities, Wages and Regional Human Capital Stocks," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2022-28, Economic Statistics Centre of Excellence (ESCoE).
    5. Barbara M. Fraumeni & Michael S. Christian, 2019. "Accumulation of Human and Market Capital in the United States, 1975-2012: An Analysis by Gender," NBER Working Papers 25864, National Bureau of Economic Research, Inc.
    6. Carlos Jemio, Luis & E. Andersen, Lykke & Medinaceli, Agnes, 2018. "Bolivia’s Green National Accounts through a Commodity Super Cycle," Revista Latinoamericana de Desarrollo Economico, Carrera de Economía de la Universidad Católica Boliviana (UCB) "San Pablo", issue 29, pages 52-85, May.
    7. Carol Corrado & Mary O'Mahony & Lea Samek, 2020. "Measuring education services using lifetime incomes," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2020-02, Economic Statistics Centre of Excellence (ESCoE).
    8. Max Gillman, 2019. "A Human Capital Theory of Structural Transformation," CERGE-EI Working Papers wp648, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    9. 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.
    10. Michael S. Christian, 2017. "Net Investment and Stocks of Human Capital in the United States, 1975-2013," International Productivity Monitor, Centre for the Study of Living Standards, vol. 33, pages 128-149, Fall.
    11. Fraumeni, Barbara M. & Christian, Michael S., 2019. "Accumulation of Human and Market Capital in the United States, 1975-2012: An Analysis by Gender," IZA Discussion Papers 12364, Institute of Labor Economics (IZA).
    12. Carol A. Corrado & Charles R. Hulten, 2014. "Financial Intermediation in the National Accounts: Asset Valuation, Intermediation, and Tobin′s q," NBER Chapters, in: Measuring Wealth and Financial Intermediation and Their Links to the Real Economy, pages 125-147, National Bureau of Economic Research, Inc.
    13. 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.
    14. Carlos Jemio , Luis & Andersen, Lykke E., 2013. "Insights from Bolivia’s Green National Accounts," Revista Latinoamericana de Desarrollo Economico, Carrera de Economía de la Universidad Católica Boliviana (UCB) "San Pablo", issue 19, pages 125-136, Mayo.
    15. Li, Haizheng & Liu, Qinyi & Li, Bo & Fraumeni, Barbara & Zhang, Xiaobei, 2014. "Human capital estimates in China: New panel data 1985–2010," China Economic Review, Elsevier, vol. 30(C), pages 397-418.
    16. 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.
    17. Michael S. Christian, 2011. "Human Capital Accounting in the United States: Context, Measurement, and Application," BEA Working Papers 0073, Bureau of Economic Analysis.
    18. Peter ven de Ven & Anne Harrison & Barbara Fraumeni & Barbara M. Fraumeni & Michael S. Christian & Jon D. Samuels, 2017. "The Accumulation of Human and Nonhuman Capital, Revisited," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63, pages 381-410, December.
    19. Gang Liu, 2014. "Measuring the Stock of Human Capital for International and Intertemporal Comparisons," NBER Chapters, in: Measuring Economic Sustainability and Progress, pages 493-544, National Bureau of Economic Research, Inc.

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    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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