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- Title
HUMAN CAPITAL MEASUREMENT: A SURVEY.
- Authors
Folloni, Giuseppe; Vittadini, Giorgio
- Abstract
After a short history of the concept of human capital (henceforth HC) in economic thought ( Section 1 ), this study presents the two main methods for estimating the value of the stock of HC – the retrospective and prospective one – with a review of the models proposed ( Section 2 ). These methods are linked both to the theory of HC investment as a rational choice ( Section 3 ), the literature analysing the contribution of HC investment to economic growth and the HC estimating method through educational attainment ( Section 4 ). The more recent literature on HC as a latent variable is also assessed ( Section 5 ) and a new method of estimation where HC is seen both as an unknown function of formative indicators and as a ‘latent effect’ underlying earned income is proposed ( Section 6 ). Section 7 concludes.
- Subjects
HUMAN capital; EARNED income; LATENT variables; ECONOMIC development; EDUCATION &; economics
- Publication
Journal of Economic Surveys, 2010, Vol 24, Issue 2, p248
- ISSN
0950-0804
- Publication type
Article
- DOI
10.1111/j.1467-6419.2009.00614.x