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Measures of human capital: A review of the literature

  • Trinh Le
  • John Gibson
  • Les Oxley

    ()

    (The Treasury)

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.

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File URL: http://www.treasury.govt.nz/publications/research-policy/wp/2005/05-10/twp05-10.pdf
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Paper provided by New Zealand Treasury in its series Treasury Working Paper Series with number 05/10.

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Length: 50 pages
Date of creation: Nov 2005
Date of revision:
Handle: RePEc:nzt:nztwps:05/10
Contact details of provider: Postal: New Zealand Treasury, PO Box 3724, Wellington, New Zealand
Phone: +64-4-472 2733
Fax: +64-4-473 0982
Web page: http://www.treasury.govt.nz

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  10. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
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  15. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
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  17. Jorgenson, D.W. & Fraumeni, B.M., 1991. "The Output Of The Education Sector," Harvard Institute of Economic Research Working Papers 1543, Harvard - Institute of Economic Research.
  18. Barro, Robert J. & Lee, Jong-Wha, 1993. "International comparisons of educational attainment," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 363-394, December.
  19. Ahuja, Vinod & Filmer, Deon, 1995. "Educational attainments in developing countries : new estimates and projections disaggregated by gender," Policy Research Working Paper Series 1489, The World Bank.
  20. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  21. 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, 07.
  22. Judson, Ruth, 2002. "Measuring Human Capital Like Physical Capital: What Does It Tell Us?," Bulletin of Economic Research, Wiley Blackwell, vol. 54(3), pages 209-31, July.
  23. Arrow, Kenneth J., 1973. "Higher education as a filter," Journal of Public Economics, Elsevier, vol. 2(3), pages 193-216, July.
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  25. Angel de la Fuente & Rafael Donénech, 2000. "Human Capital in Growth Regressions: How much Difference Does Data Quality Make?," OECD Economics Department Working Papers 262, OECD Publishing.
  26. Lau, Lawrence J. & Jamison, Dean T. & Louat, Frederic F., 1991. "Education and productivity in developing countries : an aggregate production function approach," Policy Research Working Paper Series 612, The World Bank.
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  28. Wolff, Edward N., 2000. "Human capital investment and economic growth: exploring the cross-country evidence," Structural Change and Economic Dynamics, Elsevier, vol. 11(4), pages 433-472, December.
  29. Wachtel, Paul, 1997. "A labor-income based measure of the value of human capital: An application to the states of the US: Comments," Japan and the World Economy, Elsevier, vol. 9(2), pages 193-196, May.
  30. Mireille Laroche & Marcel Mérette, . "Measuring Human Capital in Canada," Working Papers-Department of Finance Canada 2000-05, Department of Finance Canada.
  31. Nehru, Vikram & Swanson, Eric & Dubey, Ashutosh, 1995. "A new database on human capital stock in developing and industrial countries: Sources, methodology, and results," Journal of Development Economics, Elsevier, vol. 46(2), pages 379-401, April.
  32. Jeong, Byeongju, 2002. "Measurement of human capital input across countries: a method based on the laborer's income," Journal of Development Economics, Elsevier, vol. 67(2), pages 333-349, April.
  33. Barro, Robert J & Lee, Jong Wha, 1996. "International Measures of Schooling Years and Schooling Quality," American Economic Review, American Economic Association, vol. 86(2), pages 218-23, May.
  34. Behrman, Jere R & Birdsall, Nancy, 1983. "The Quality of Schooling: Quantity Alone is Misleading," American Economic Review, American Economic Association, vol. 73(5), pages 928-46, December.
  35. 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.
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