Measuring Human Capital
Bibliographic Data
| ID | 4029498 |
|---|---|
| Authors | Katharine G Abraham (0000-0002-1975-8714, Katharine G. Abraham is a Distinguished University Professor, University of Maryland, College Park, Maryland. She is also a Research Associate, National Bureau of Economic Research, Cambridge, Massachusetts, and a Research Fellow, IZA Institute of Labor Economics, Bonn, Germany.), Justine Mallatt (Justine Mallatt is a Research Economist, US Bureau of Economic Analysis, Washington, DC.) |
| Year | 2022 |
| Volume | 36 |
| Issue | 3 |
| Pages | 103-130 |
| Publication date | 2022-08-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.36.3.103 |
| OpenAlex | W4293327500 |
| Language | EN |
| Citations received | 16 |
| References cited | 10 |
We review the existing literature on the measurement of human capital. Broadly speaking, economists have proposed three approaches to constructing human capital measures-the indicator approach, the cost approach, and the income approach. Studies employing the indicator approach have used single measures such as average years of schooling or indexes of multiple measures. The cost approach values human capital investments based on spending. The income approach values human capital investments by looking forward to the increment to expected future earnings they produce. The latter two approaches have the significant advantage of consistency with national income accounting practices and measures of other types of capital. Measures based on the income approach typically yield far larger estimates of the value of human capital than measures based on the cost approach. We outline possible reasons for this discrepancy and show how changes in assumptions can reconcile estimates based on the two approaches
Actuarial science · Cost of capital · Earnings · Econometrics · Economic growth · Economics · Human capital · Labour economics · Microeconomics · Computer Science · Economic Growth and Productivity · Fiscal Policy and Economic Growth · Labor market dynamics and wage inequality · Finance
Spatial distribution of human capital in Romania
Aspirations in a warming world
Macroeconomic and institutional determinants of human capital wealth
Impact of water sanitation and hygiene on quality education in developing countries
Residential sorting, local environments, and human capital
Research output and economic growth in technological laggard contexts
Market Access, the Skill Premium and Human Capital in Spain (1860–1930)
What Does it Take to Have a Healthy Community? Exploring the Role of Social Infrastructure in Shaping Public Health
Navigating the Zhongkao
Academic Human Capital in European Countries and Regions, 1200-1793
Time spent abroad as a source of human capital – A nationwide study
Penalties and payoffs
The Future of Higher Education, Readiness for the Open Innovation Paradigm
The uneven expansion of education in developing regions
Parental investment and the economization of parenting
What counts as investment? Productive and unproductive expenditures
| Citations per year | 4 |
|---|---|
| Citation span | 2022 - 2026 (5) |
| Highly cited | No |