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NBER Working Papers and Publications
|May 2020||The Accumulation of Human and Market Capital in the United States: The Long View, 1948–2013|
with , : w27170
Over the 1948–2013 period, many factors significantly impacted on human capital, which in turn affected economic growth in the United States. This chapter analyzes these factors within a complete national income accounting system which integrates Jorgenson-Fraumeni human capital into the accounts. By including human capital, a fresh perspective on economic growth across time and within specific subperiods is revealed, notably regarding the 1995–2000 and 2007–2009 periods. During the 1995–2000 period, the reduction in human capital investment significantly reduced apparent economic growth. In the 2007–2009 period, the increase in human capital investment tempered the negative impact of the Great Recession. Over the longer time period, first the post-World War baby boom and then the subs...
|May 2019||Accumulation of Human and Market Capital in the United States, 1975-2012: An Analysis by Gender|
with : w25864
This paper covers a continuous and longer time period than previously possible to examine human and market capital because of research by Christian (2017). This paper focuses on the presentation and analysis of trends in human capital by gender. During 1975-2012 there were significant changes in participation by women, the wage gender gap, and educational attainment and time in household production by both women and men. Both the market and nonmarket sectors will be covered as well as multifactor productivity with and without human capital. (A previous paper (Fraumeni, et al. 2017) described the national income accounting system which underlies both this paper and the much earlier paper by Jorgenson and Fraumeni (1989).) New insights will be gained by looking in detail at the 1975-2012...
|June 2015||The Accumulation of Human and Nonhuman Capital, Revisited|
with , : 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.