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Measures of human capital: A review of the literature

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Abstract

Human capital is increasingly believed to play an important role in the growth process, however, adequately measuring its stock remains controversial. This paper identifies three general approaches to human capital measurement; cost-based, income-based and education-based, and presents a critical review of the theories and their applications to data from a range of countries. Emphasis on empirical evidence will be given to the case of New Zealand.

Suggested Citation

  • Trinh Le & John Gibson & Les Oxley, 2005. "Measures of human capital: A review of the literature," Treasury Working Paper Series 05/10, New Zealand Treasury.
  • Handle: RePEc:nzt:nztwps:05/10
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    File URL: https://treasury.govt.nz/sites/default/files/2018-04/twp05-10.pdf
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    1. Paul Romer on mathiness
      by Noah Smith in Noahpinion on 2015-05-16 21:02:00

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    Cited by:

    1. Katsiaryna Svirydzenka & Martin Petri, 2017. "Mauritius: The Drivers of Growth – Can the Past Be Extended?," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(8), pages 54-83, October.
    2. Tomaso Pompili & Michela Martinoia, 2011. "Building Synthetic Indicators For Aspects Of Territorial Capital Towards Their Impact On Regional Performance," ERSA conference papers ersa11p1528, European Regional Science Association.
    3. Donghyun Oh & Almas Heshmati & Hans Lööf, 2012. "Technical change and total factor productivity growth for Swedish manufacturing and service industries," Applied Economics, Taylor & Francis Journals, vol. 44(18), pages 2373-2391, June.
    4. Baruch Lev & Suresh Radhakrishnan & Weining Zhang, 2009. "Organization Capital," Abacus, Accounting Foundation, University of Sydney, vol. 45(3), pages 275-298.
    5. Michela Martinoia, 2014. "Local resources and territorial performance. Measures of natural, cultural and human capital," LIUC Papers in Economics 278, Cattaneo University (LIUC).
    6. P. Guerrieri & M. Luciani & V. Meliciani, 2011. "The determinants of investment in information and communication technologies," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 20(4), pages 387-403.
    7. Otaviano Canuto & Danny M. Leipziger, 2012. "Ascent after Decline : Regrowing Global Economies after the Great Recession," World Bank Publications, The World Bank, number 2233, December.
    8. Sylvain Dessy & Tiana Rambeloma, 2009. "Immigration Policy, Remittances, and Growth in the Migrant-Sending Country," Cahiers de recherche 0915, CIRPEE.
    9. Alexander S. Skorobogatov, 2012. "The value of human capital and health behavior," Economics Bulletin, AccessEcon, vol. 32(2), pages 1785-1796.
    10. Benos, Nikos & Zotou, Stefania, 2014. "Education and Economic Growth: A Meta-Regression Analysis," World Development, Elsevier, vol. 64(C), pages 669-689.
    11. Chiappero-Martinetti, Enrica & Sabadash, Anna, 2014. "Integrating Human Capital and Human Capabilities in Understanding the Value of Education," MPRA Paper 61800, University Library of Munich, Germany.
    12. Ellen McGrattan, 2016. "Intangible Capital and Measured Productivity," 2016 Meeting Papers 62, Society for Economic Dynamics.
    13. Michela Martinoia & Tomaso Pompili, 2015. "Building synthetic indicators for aspects of territorial capital," LIUC Papers in Economics 290, Cattaneo University (LIUC).
    14. repec:cmj:networ:y:2013:i:1:p:12-25 is not listed on IDEAS
    15. Haizheng Li & Barbara M. Fraumeni & Zhiqiang Liu & Xiaojun Wang, 2009. "Human Capital In China," NBER Working Papers 15500, National Bureau of Economic Research, Inc.
    16. Alexander Murray, 2016. "Partial versus Total Factor Productivity: Assessing Resource Use in Natural Resource Industries in Canada," CSLS Research Reports 2016-20, Centre for the Study of Living Standards.
    17. O’Mahony, Mary & Pastor, José Manuel & Peng, Fei & Serrano, Lorenzo & Hernández, Laura, 2012. "Output growth in the post‐compulsory education sector: the European experience," MPRA Paper 44016, University Library of Munich, Germany.
    18. Bálint BALOGH, 2013. "How To Measure Human Capital: A Short Review," Network Intelligence Studies, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 1, pages 21-36, July.
    19. Alexandre Rambaud & Jacques Richard, 2016. "The " Triple Depreciation Line " (TDL) accounting model and its application to the Human Capital," Working Papers hal-01260004, HAL.

    More about this item

    Keywords

    human capital; economic growth;

    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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