The Accumulation of Human and Non-human Capital

Dale Jorgenson and Alvaro Pachon
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Alvaro Pachon: The World Bank

Chapter 15 in The Determinants of National Saving and Wealth, 1983, pp 302-350 from Palgrave Macmillan

Abstract: Abstract The purpose of this paper is to present the first fully comparable measures of investment in human and non-human capital. Our most important innovation is to define human capital in terms of lifetime labour incomes for all individuals in the population. Our second innovation is to integrate demographic accounts with economic accounts. The measurement of investment in human capital is based on a system of demographic accounts. The measurement of investment in non-human capital is based on economic accounts for the accumulation of investment goods. We implement these concepts through a new system of national accounts for the United States, covering the period 1947–73.

Keywords: Human Capital; Labour Income; Constant Prex; Capital Service; Labour Compensation (search for similar items in EconPapers)
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-17028-9_15

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DOI: 10.1007/978-1-349-17028-9_15

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