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Human Capital Accounting in the United States: Context, Measurement, and Application

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  • Michael S. Christian

    (Bureau of Economic Analysis)

Abstract

This study updates Christian's (2010) human capital account for the United States to the year 2009, refining the underlying data and putting the account into international context by reviewing applications in the rest of the world. It also measures the sensitivity of human capital measures to alternative assumptions about income growth rates, discount rates, the treatment of taxes, smoothing and imputation of labor force and school enrollment data, and the valuation of non-market time. It concludes with an application to the measurement of the output of the education sector.

Suggested Citation

  • Michael S. Christian, 2011. "Human Capital Accounting in the United States: Context, Measurement, and Application," BEA Working Papers 0073, Bureau of Economic Analysis.
  • Handle: RePEc:bea:wpaper:0073
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    References listed on IDEAS

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    1. Haizheng Li & Barbara M. Fraumeni & Zhiqiang Liu & Xiaojun Wang, 2009. "Human Capital In China," NBER Working Papers 15500, National Bureau of Economic Research, Inc.
    2. Jaeger, David A., 2003. "Estimating the returns to education using the newest current population survey education questions," Economics Letters, Elsevier, vol. 78(3), pages 385-394, March.
    3. Mary O’Mahony & Philip Stevens, 2009. "Output and productivity growth in the education sector: comparisons for the US and UK," Journal of Productivity Analysis, Springer, vol. 31(3), pages 177-194, June.
    4. Gu, Wulong & Wong, Ambrose, 2010. "Estimates of Human Capital in Canada: The Lifetime Income Approach," Economic Analysis (EA) Research Paper Series 2010062e, Statistics Canada, Analytical Studies Branch.
    5. Mark Aguiar & Erik Hurst, 2007. "Measuring Trends in Leisure: The Allocation of Time Over Five Decades," The Quarterly Journal of Economics, Oxford University Press, vol. 122(3), pages 969-1006.
    6. Daniel Feenberg & Elisabeth Coutts, 1993. "An introduction to the TAXSIM model," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 12(1), pages 189-194.
    7. 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.
    8. Robert H. Haveman & Andrew Bershadker & Jonathan A. Schwabish, 2003. "Human Capital in the United States from 1975 to 2000: Patterns of Growth and Utilization," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number hcus, November.
    9. Philip Oreopoulos & Kjell G. Salvanes, 2009. "How large are returns to schooling? Hint: Money isn't everything," NBER Working Papers 15339, National Bureau of Economic Research, Inc.
    10. 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.
    11. Ahlroth, Sofia & Bjorklund, Anders & Forslund, Anders, 1997. "The Output of the Swedish Education Sector," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(1), pages 89-104, March.
    12. Trinh Le & John Gibson & Les Oxley, 2003. "Cost- and Income-based Measures of Human Capital," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 271-307, July.
    13. Astrid Oline Ervik & Erling Holmøy & Torbjørn Hægeland, 2003. "A Theory-Based Measure of the Output of the Education Sector," Discussion Papers 353, Statistics Norway, Research Department.
    14. Trinh Le & John Gibson & Les Oxley, 2006. "A Forward-Looking Measure Of The Stock Of Human Capital In New Zealand," Manchester School, University of Manchester, vol. 74(5), pages 593-609, September.
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    Cited by:

    1. 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.

    More about this item

    JEL classification:

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

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