This paper presents measures of the human capital stock and of investment in human capital for the United States between 1994 and 2006. When both market and non-market production are included, the stock of human capital was equal to about three quarters of a quadrillion dollars in 2006, of which about 70 percent was non-market. The account breaks down human capital investment among the effects of births, deaths, aging, and education on human capital, as well as a residual effect attributed to (unmeasured) migration. ...
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This paper presents measures of the human capital stock and of investment in human capital for the United States between 1994 and 2006. When both market and non-market production are included, the stock of human capital was equal to about three quarters of a quadrillion dollars in 2006, of which about 70 percent was non-market. The account breaks down human capital investment among the effects of births, deaths, aging, and education on human capital, as well as a residual effect attributed to (unmeasured) migration. Measures of gross investment in education are found to be very sensitive to counter-factual assumptions; consequently, investment in education is measured net of aging.
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