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The Human Capital Stock: A Generalized Approach
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The Human Capital Stock: A Generalized Approach
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Journal Article
The Human Capital Stock: A Generalized Approach
2014
Overview
This paper reconsiders the traditional approach to human capital measurement in the study of cross-country income differences. Within a broader class of neoclassical human capital aggregators, traditional accounting is found to be a theoretical lower bound on human capital differences across economies. Implementing a generalized accounting empirically illustrates the possibility that capital variation may now account (even fully) for the large income variation between rich and poor countries. These findings reject the constraints on human capital variation that traditional accounting has imposed.
