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- W161499991 abstract "KATHARINE Abraham’s paper, “Accounting for In vestments in Formal Education” (2010), provides an excellent and comprehensive survey of the main is sues regarding the measurement of education and pro vides important links to the substantial literature in labor economics. Estimates of expenditures on educa tion provide the starting point for the measurement of investment in human capital. This approach can be ex tended to expenditures on training, as in the recent work of Carol Corrado, Charles Hulten, and Daniel Sichel (2009). While expenditures on education and training are inputs into the process of investment, the central question is: what is the output? Barbara Fraumeni and I (1989) have proposed a measure of the output of education and training, namely, the increment to lifetime labor incomes. This accrues as current income to individuals who receive the education and training. Our approach has the im portant advantage of providing separate measures of output and input. The value of input into investment in education is equal to expenditures on education and the incomes of students in school. The value of output is equal to additions to lifetime labor incomes. The lifetime incomes approach to measuring invest ment in human capital has attracted considerable at tention from national accountants. Michael Christian (2010) has developed new estimates for the United States. Australia, Canada, France, New Zealand, Nor way, Poland, and Spain have developed measures of in vestment in formal education based on our approach. In September, the OECD launched a project to apply this approach to more than 20 countries, including the major OECD countries. A research project on these measures was completed for China last October.1" @default.
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- W161499991 date "2010-01-01" @default.
- W161499991 modified "2023-09-26" @default.
- W161499991 title "Human Capital and the National Accounts" @default.
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