NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Human Capital Accounting in the United States: Context, Measurement, and Application

Michael S. Christian


This chapter is a preliminary draft unless otherwise noted. It may not have been subjected to the formal review process of the NBER. This page will be updated as the chapter is revised.

Chapter in forthcoming NBER book Measuring Economic Sustainability and Progress, Dale W. Jorgenson, J. Steven Landefeld, and Paul Schreyer, editors
Conference held August 6-8, 2012
Forthcoming from University of Chicago Press
in NBER Book Series Studies in Income and Wealth

This study updates Christian’s (2010) human capital account for the United States to the year 2009, refining the underlying data and putting the account into international context by reviewing applications in the rest of the world. It also measures the sensitivity of human capital measures to alternative assumptions about income growth rates, discount rates, the treatment of taxes, smoothing and imputation of labor force and school enrollment data, and the valuation of non-market time. It concludes with an application to the measurement of the output of the education sector.

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This paper was revised on August 12, 2013

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