IDEAS home Printed from https://ideas.repec.org/a/cai/reofsp/reof_097_0329.html
   My bibliography  Save this article

L'immatérielle richesse des nations

Author

Listed:
  • Thomas Melonio
  • Xavier Timbeau

Abstract

Human capital plays an increasing role in modern economies, so that education often is the largest spending of States. These spendings imply an asset whereas not accounted for. We estimate the evolution of the stock of French educational capital from 1971 to 2050 with two approaches. In the first one, educational capital is calculated as the accumulation of educational spendings, depreciated each year at an estimated rate. The second method assimilates States with fiscal optimizers and estimates educational capital through expected fiscal revenues. Both methods show a strong increase in French educational capital from 1971 to 2002, by roughly 60 GDP percentage points. Today, French educational capital would be worth around 140 percentage. This amount is expected to grow slighlty over the next 20 years, with highly educated generations replacing low educated ones, and to diminish afterwards with an anticipated decline in generation sizes. JEL codes: I20, H54, H63.

Suggested Citation

  • Thomas Melonio & Xavier Timbeau, 2006. "L'immatérielle richesse des nations," Revue de l'OFCE, Presses de Sciences-Po, vol. 97(2), pages 329-363.
    • Handle: RePEc:cai:reofsp:reof_097_0329
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=REOF_097_0329
    Download Restriction: free
    File URL: http://www.cairn.info/revue-de-l-ofce-2006-2-page-329.htm
    Download Restriction: free
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Nehru, Vikram & Swanson, Eric & Dubey, Ashutosh, 1995. "A new database on human capital stock in developing and industrial countries: Sources, methodology, and results," Journal of Development Economics, Elsevier, vol. 46(2), pages 379-401, April.
    2. Moretti, Enrico, 2004. "Estimating the social return to higher education: evidence from longitudinal and repeated cross-sectional data," Journal of Econometrics, Elsevier, vol. 121(1-2), pages 175-212.
    3. George Psacharopoulos & Harry Anthony Patrinos, 2004. "Returns to investment in education: a further update," Education Economics, Taylor & Francis Journals, vol. 12(2), pages 111-134.
    4. Jacob A. Mincer, 1974. "Introduction to "Schooling, Experience, and Earnings"," NBER Chapters, in: Schooling, Experience, and Earnings, pages 1-4, National Bureau of Economic Research, Inc.
    5. Jacob A. Mincer, 1974. "Age and Experience Profiles of Earnings," NBER Chapters, in: Schooling, Experience, and Earnings, pages 64-82, National Bureau of Economic Research, Inc.
    6. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 407-437.
    7. Colm Harmon & Ian Walker & Niels Westergaard-Nielsen (ed.), 2001. "Education and Earnings in Europe," Books, Edward Elgar Publishing, number 2237.
    8. Joshua D. Angrist & Alan B. Keueger, 1991. "Does Compulsory School Attendance Affect Schooling and Earnings?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 979-1014.
    9. O. Ashenfelter & D. Card (ed.), 1999. "Handbook of Labor Economics," Handbook of Labor Economics, Elsevier, edition 1, volume 3, number 3.
    10. John W. Kendrick, 1976. "The Formation and Stocks of Total Capital," NBER Books, National Bureau of Economic Research, Inc, number kend76-1.
    11. Peter J. Klenow & Mark Bils, 2000. "Does Schooling Cause Growth?," American Economic Review, American Economic Association, vol. 90(5), pages 1160-1183, December.
    12. Ashenfelter, Orley & Krueger, Alan B, 1994. "Estimates of the Economic Returns to Schooling from a New Sample of Twins," American Economic Review, American Economic Association, vol. 84(5), pages 1157-1173, December.
    13. Card, David, 2001. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," Econometrica, Econometric Society, vol. 69(5), pages 1127-1160, September.
    14. Jacob A. Mincer, 1974. "Schooling and Earnings," NBER Chapters, in: Schooling, Experience, and Earnings, pages 41-63, National Bureau of Economic Research, Inc.
    15. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1.
    16. Colm Harmon & Ian Walker & Niels Westergaard-Nielsen, 2001. "Introduction [to Education and earnings in Europe : a cross country analysis of the returns to education]," Open Access publications 10197/757, School of Economics, University College Dublin.
    17. Robert Eisner, 1984. "Transfers in a Total Incomes System of Accounts," NBER Chapters, in: Economic Transfers in the United States, pages 9-36, National Bureau of Economic Research, Inc.
    18. Barro, Robert J & Lee, Jong Wha, 1996. "International Measures of Schooling Years and Schooling Quality," American Economic Review, American Economic Association, vol. 86(2), pages 218-223, May.
    19. Card, David, 1999. "The causal effect of education on earnings," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 30, pages 1801-1863, Elsevier.
    20. Daron Acemoglu, 1996. "A Microfoundation for Social Increasing Returns in Human Capital Accumulation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 111(3), pages 779-804.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Guillaume Allègre & Thomas Melonio & Xavier Timbeau, 2012. "Dépenses publiques d'éducation et inégalités. Une perspective de cycle de vie," Revue économique, Presses de Sciences-Po, vol. 63(6), pages 1055-1079.
    2. repec:spo:wpecon:info:hdl:2441/5l6uh8ogmqildh09h84a0it2m is not listed on IDEAS
    3. repec:hal:wpspec:info:hdl:2441/5l6uh8ogmqildh09h84a0it2m is not listed on IDEAS
    4. Xavier Timbeau, 2011. "Solidarité intergénérationnelle et dette publique," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 191-212.
    5. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09hi4j70a29 is not listed on IDEAS
    6. repec:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09hi4j70a29 is not listed on IDEAS
    7. repec:spo:wpmain:info:hdl:2441/5l6uh8ogmqildh09h61kh4poj is not listed on IDEAS
    8. repec:hal:wpspec:info:hdl:2441/eu4vqp9ompqllr09hi4j70a29 is not listed on IDEAS
    9. Céline Antonin & Thomas Melonio & Xavier Timbeau, 2012. "L'epargne nette ré-ajustée," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 259-286.
    10. repec:hal:spmain:info:hdl:2441/eu4vqp9ompqllr09hi4j70a29 is not listed on IDEAS
    11. repec:hal:spmain:info:hdl:2441/5l6uh8ogmqildh09h84a0it2m is not listed on IDEAS
    12. repec:spo:wpmain:info:hdl:2441/5l6uh8ogmqildh09h84a0it2m is not listed on IDEAS
    13. repec:hal:spmain:info:hdl:2441/5l6uh8ogmqildh09h61kh4poj is not listed on IDEAS

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:spo:wpmain:info:hdl:2441/1754 is not listed on IDEAS
    2. repec:hal:wpspec:info:hdl:2441/1754 is not listed on IDEAS
    3. repec:hal:spmain:info:hdl:2441/1754 is not listed on IDEAS
    4. repec:spo:wpecon:info:hdl:2441/1754 is not listed on IDEAS
    5. Thomas Melonio & Xavier Timbeau, 2006. "Les 140 points de PIB oubliés de la comptabilité nationale française," Documents de Travail de l'OFCE 2006-01, Observatoire Francais des Conjonctures Economiques (OFCE).
    6. Angel de la Fuente & Antonio Ciccone, 2003. "Human capital in a global and knowledge-based economy," UFAE and IAE Working Papers 562.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    7. Giuseppe Folloni & Giorgio Vittadini, 2010. "Human Capital Measurement: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 24(2), pages 248-279, April.
    8. Gregorio Caetano & Miguel Palacios & Harry A. Patrinos, 2019. "Measuring Aversion to Debt: An Experiment Among Student Loan Candidates," Journal of Family and Economic Issues, Springer, vol. 40(1), pages 117-131, March.
    9. Serneels, Pieter & Beegle, Kathleen & Dillon, Andrew, 2017. "Do returns to education depend on how and whom you ask?," Economics of Education Review, Elsevier, vol. 60(C), pages 5-19.
    10. Thomas Mélonio & Xavier Timbeau, 2006. "Les 140 points de PIB oubliés de la comptabilité nationale française : méthodes de valorisation du patrimoine éducatif," SciencePo Working papers Main hal-03389331, HAL.
    11. Ukaj MIC & Mustafa Topxhiu RAHMIJE, 2019. "The returns to investment in education: Some theoretical and empirical insights," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 193-203.
    12. Wößmann, Ludger, 2000. "Specifying Human Capital: A Review, Some Extensions, and Development Effects," Kiel Working Papers 1007, Kiel Institute for the World Economy (IfW Kiel).
    13. Denis Maguain, 2007. "Les rendements de l'éducation en comparaison internationale," Économie et Prévision, Programme National Persée, vol. 180(4), pages 87-106.
    14. repec:spo:wpmain:info:hdl:2441/1758 is not listed on IDEAS
    15. Eric A. Hanushek & Ludger Woessmann, 2008. "The Role of Cognitive Skills in Economic Development," Journal of Economic Literature, American Economic Association, vol. 46(3), pages 607-668, September.
    16. repec:hal:wpspec:info:hdl:2441/1758 is not listed on IDEAS
    17. repec:spo:wpecon:info:hdl:2441/1758 is not listed on IDEAS
    18. repec:hal:spmain:info:hdl:2441/1758 is not listed on IDEAS
    19. Paweł Strawiński, 2009. "Efekt zewnętrzny wykształcenia," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 5-6, pages 39-60.
    20. Carstensen Kai & Hartmann Susanne & Gundlach Erich, 2009. "The Augmented Solow Model with Mincerian Schooling and Externalities," German Economic Review, De Gruyter, vol. 10(4), pages 448-463, December.
    21. Angel de la Fuente & Juan Francisco Jimeno, 2004. "The private and fiscal returns to schooling and the effect of public policies on private incentives to invest in education: a general framework and some results for the EU," Working Papers 152, Barcelona School of Economics.
    22. repec:hal:spmain:info:hdl:2441/1ds77lna5j86jagcp29tfni72o is not listed on IDEAS
    23. repec:spo:wpmain:info:hdl:2441/1ds77lna5j86jagcp29tfni72o is not listed on IDEAS
    24. Antonio Ciccone & Giovanni Peri, "undated". "Human Capital and Externalities in Cities," Working Papers 172, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    25. Justin L. Tobias, 2003. "Are Returns to Schooling Concentrated Among the Most Able? A Semiparametric Analysis of the Ability–earnings Relationships," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(1), pages 1-29, February.
    26. repec:zbw:rwirep:0065 is not listed on IDEAS
    27. Yamarik Steven J, 2008. "Estimating Returns to Schooling from State-Level Data: A Macro-Mincerian Approach," The B.E. Journal of Macroeconomics, De Gruyter, vol. 8(1), pages 1-16, August.
    28. Eric A. Hanushek & Jens Ruhose & Ludger Woessmann, 2017. "Knowledge Capital and Aggregate Income Differences: Development Accounting for US States," American Economic Journal: Macroeconomics, American Economic Association, vol. 9(4), pages 184-224, October.
    29. Christian Morrisson & Fabrice Murtin, 2013. "The Kuznets curve of human capital inequality: 1870–2010," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 11(3), pages 283-301, September.
    30. Colm Harmon & Hessel Oosterbeek & Ian Walker, 2003. "The Returns to Education: Microeconomics," Journal of Economic Surveys, Wiley Blackwell, vol. 17(2), pages 115-156, April.
    31. Middendorf, Torge, 2008. "Returns to Education in Europe – Detailed Results from a Harmonized Survey," Ruhr Economic Papers 65, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.

    More about this item

    JEL classification:

    • I20 - Health, Education, and Welfare - - Education - - - General
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:reofsp:reof_097_0329. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jean-Baptiste de Vathaire (email available below). General contact details of provider: https://www.cairn.info/revue-de-l-ofce.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.