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Working paper

Measures of Human Capital: A Review of the Literature (WP 05/10)

Issue date: 
Tuesday, 1 November 2005
Status: 
Current
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Document Date: 
Publication category: 
JEL classification: 
J24 - Human Capital; Skills; Occupational Choice; Labor Productivity
O47 - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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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.

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.

Last updated: 
Wednesday, 24 October 2007