The Accumulation of Human and Nonhuman Capital, Revisited

30 Pages Posted: 5 Dec 2017

See all articles by Barbara Fraumeni

Barbara Fraumeni

U.S. Bureau of Economic Analysis (BEA); National Bureau of Economic Research (NBER)

Michael S. Christian

Education Analytics

Jon Samuels

Government of the United States of America - Bureau of Economic Analysis (BEA)

Multiple version iconThere are 2 versions of this paper

Date Written: December 2017

Abstract

In the over 25 years since Jorgenson and Fraumeni (1989) published their first article integrating human capital measures with the national accounts, the Bureau of Economic Analysis's (BEA's) U.S. National Income and Product Accounts (NIPAs) and U.S demographics have changed significantly. The original paper is a national income accounting paper with production and factor outlay, income, receipt and expenditure, capital accumulation, and wealth accounts in current and constant prices. In this paper, we update the Jorgenson‐Fraumeni human capital estimates and integrate them into the latest NIPA accounts. A comparison of the aggregates for the U.S. and their trends between the earlier 1949–19 period and later 1998–2009 period is informative. The benefit from integrating human capital components into BEA's NIPA over a long historical time period allows us to quantify the impact of the end to the gains in average educational attainment, changes in female labor force participation, and the possible impact of the greying of America.

Keywords: human capital, integrated economic accounts, U.S. post‐war sources of growth

JEL Classification: E01, E24, J24

Suggested Citation

Fraumeni, Barbara and Christian, Michael S. and Samuels, Jon, The Accumulation of Human and Nonhuman Capital, Revisited (December 2017). Review of Income and Wealth, Vol. 63, pp. S381-S410, 2017. Available at SSRN: https://ssrn.com/abstract=3079941 or http://dx.doi.org/10.1111/roiw.12322

Barbara Fraumeni (Contact Author)

U.S. Bureau of Economic Analysis (BEA) ( email )

1441 L Street NW
Washington, DC 20910
United States

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Michael S. Christian

Education Analytics ( email )

131 West Wilson St
Madison, WI 53703
United States

Jon Samuels

Government of the United States of America - Bureau of Economic Analysis (BEA) ( email )

1441 L Street NW
Washington, DC 20910
United States

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