The Human Capital Stock: a Generalized Approach
43 Pages Posted: 8 Oct 2011 Last revised: 18 Oct 2011
Date Written: October 2011
This paper presents a new framework for human capital measurement. The generalized framework can (i) substantially amplify the role of human capital in accounting for cross-country income differences and (ii) reconcile the existing conflict between regression and accounting evidence in assessing the wealth and poverty of nations. One natural interpretation emphasizes differences across economies in the acquisition of advanced knowledge by skilled workers.
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