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The Accumulation of Human and Non-human Capital

In: The Determinants of National Saving and Wealth

Author

Listed:
  • Dale W. Jorgenson

    (Harvard University)

  • Alvaro Pachon

    (The World Bank)

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.

Suggested Citation

  • Dale W. Jorgenson & Alvaro Pachon, 1983. "The Accumulation of Human and Non-human Capital," International Economic Association Series, in: Franco Modigliani & Richard Hemming (ed.), The Determinants of National Saving and Wealth, chapter 15, pages 302-350, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-17028-9_15
    DOI: 10.1007/978-1-349-17028-9_15
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    Cited by:

    1. Griliches, Zvi, 1997. "Education, Human Capital, and Growth: A Personal Perspective," Journal of Labor Economics, University of Chicago Press, vol. 15(1), pages 330-344, January.
    2. Arun Advani & George Bangham & Jack Leslie, 2021. "The UK's wealth distribution and characteristics of high‐wealth households," Fiscal Studies, John Wiley & Sons, vol. 42(3-4), pages 397-430, September.

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