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Journal Article
The Human Capital Stock: A Generalized Approach
American Economic Review
Author(s)
This paper reconsiders the traditional approach to human capital measurement in
the study of cross-country income di§erences. Within a broader class of neoclassical
human capital aggregators, traditional accounting is found to be a theoretical lower
bound on human capital di§erences across economies. Implementing a generalized
accounting empirically illustrates the possibility that capital variation may now account
(even fully) for the large income variation between rich and poor countries. These
Öndings reject the constraints on human capital variation that traditional accounting
has imposed.
Date Published:
2014
Citations:
Jones, Benjamin F.. 2014. The Human Capital Stock: A Generalized Approach. American Economic Review. (11)