Indicating human capital including non-economic value

Ryuichi Okumura () and Hiroshi Deguchi ()
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Ryuichi Okumura: Tokyo Institute of Technology
Hiroshi Deguchi: Tokyo Institute of Technology

Evolutionary and Institutional Economics Review, 2021, vol. 18, issue 1, No 3, 45-62

Abstract: Abstract In this paper, the authors propose to overcome the indexing problems pertaining to measurement of human capital through a method of expressing economic and non-economic value on two axes of a rectangular coordinate system. Using these indices, the characteristics and trends of the trajectory of the worker's human capital can be comprehended and analyzed. The proposed method can visually demonstrate the size of human capital by indexing the concept of human capital, including non-economic values such as the degree of job satisfaction. Human capital by age shows the following trends: Workers increase their economic human capital from their 20 s to their 50 s, and they increase non-economic human capital between their 50 and 60 s. In Japan, those who work for large companies increase their ability to earn money and lose labor satisfaction between their 20 and 50 s. Accumulating human capital should not only contribute positively to the growth of the company in which the worker works, but also to the value of the worker’s life. It is, thus, desirable to raise both economic and non-economic value human capital over a person’s occupational life. The future task is to analyze the attributes of workers with high human capital, and to find suggestions for ways workers can raise human capital using the proposed framework of indices.

Keywords: Human capital; Index; Non-economic value; Framework; Economics (search for similar items in EconPapers)
JEL-codes: F60 J15 N50 O30 Q57 R11 R12 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s40844-020-00166-1

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