Madison, Wisconsin 53703
NBER Working Papers and Publications
|June 2015||The Accumulation of Human and Nonhuman Capital, Revisited|
with Barbara M. Fraumeni, Jon D. Samuels: w21284
In the 25 years since Jorgenson and Fraumeni (1989) published their first article on human capital, the U.S. National Income and Product Accounts (NIPA) and the SNA have changed significantly. The contribution of this paper is two-fold: Creation of a contemporary set of accounts which integrate human capital measures into the latest comprehensive revision of the U.S. national income accounts and an analysis of trends in human capital and national income account aggregates over the post-war period.
The paper is a national income accounting paper with production and factor outlay, income, receipt and expenditure, capital accumulation , and wealth accounts. All of these accounts are tied to the NIPA accounts, and supplemented with human capital estimates. A key feature of the human capital a...
Published: Barbara M. Fraumeni & Michael S. Christian & Jon D. Samuels, 2017. "The Accumulation of Human and Nonhuman Capital, Revisited," Review of Income and Wealth, vol 63, pages S381-S410.
|September 2014||Human Capital Accounting in the United States: Context, Measurement, and Application|
in Measuring Economic Sustainability and Progress, Dale W. Jorgenson, J. Steven Landefeld, and Paul Schreyer, editors
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.