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Intro -- Measuring Human Capital -- Copyright -- Contents -- Part I Introduction -- Introduction -- I.1. Monetary Measures Projects -- I.2. Indicators-Based Measures Projects -- I.3. Comparison of Human Capital Estimates Among Projects -- I.4. Single-Country Studies -- References -- Part II Major Measures of Human Capital -- Section II.A Monetary Measures -- Chapter 1: The Impact of Air Pollution on Human Capital Wealth -- 1.1. Introduction -- 1.1.1. National Wealth and the Importance of Human Capital for Development -- 1.1.2. Human Capital in National Wealth Accounts -- 1.1.3. Threats to Human Capital: Air Pollution and Human Health -- 1.1.4. Outline of This Chapter -- 1.2. Data and Methods for Measuring the Impact of Air Pollution on Human Capital -- 1.2.1. Measuring Human Capital Wealth in the Wealth of Nations: Conceptual Approach -- Earnings Profiles from Household Surveys -- Adjustments to Align with National Accounts Data -- Accounting for the Human Capital of the Self-Employed -- Adjustments to Align with National Population Data -- Choice of Discount Rate -- Coverage of Household Surveys and Gap Filling -- 1.2.2. Estimating the Impact of Air Pollution -- The Differential Effect of Air Pollution by Age and Impact on Human Capital -- 1.3. Results -- 1.4. Next Steps for Human Capital and Air Pollution -- Appendix 1.1. Global Wealth Accounts, 1995-2014 -- Appendix 1.2. Methodology for Calculating Human Capital Wealth -- Appendix 1.3. Estimates of Human Capital and Wealth for 2014 With Impacts of No Premature Deaths From Air Pollution -- References -- Chapter 2: Global Human Capital: View From Inclusive Wealth -- 2.1. Introduction -- 2.2. Methodology -- 2.3. Results and Discussion -- 2.3.1. Progress of Nations Human Capital -- 2.3.2. Discussion -- 2.4. Conclusion and Policy Recommendation -- Annex -- References -- Section II.B: Indexes.

"Both human capital and nonhuman capital play an important role in economic growth. Estimates of nonhuman (physical) capital exist for many more countries than for human capital. Recently there has been a significant increase in the number of countries for which estimates of human capital exist, primarily because of the OECD human capital project, which has constructed nominal Jorgenson-Fraumeni human capital stocks for eleven countries. As the OECD project continues, it is important to reflect on the rates used in this project and in other efforts. Although two real rates need to be chosen: a discount rate and a rate of growth of labor income, what really matters is the size of the adjustment factor which incorporates both rates. In order to best understand the role of human capital in economic growth, volume (quantity) indices need to be constructed. This paper outlines how total and partial indices can be constructed, which along which companion contributions, will allow for more informative and detailed cross-country and individual country analyses"--National Bureau of Economic Research web site

Gross domestic product (GDP) is the key indicator of the health of an economy and can be easily compared across countries. But it has limitations. GDP tells what is going on today, but does not inform about sustainability of growth. It does not measure happiness, so residents can be dissatisfied even when GDP is rising. GDP does not consider environmental factors or reflect what individuals do outside paid employment. It might increase in times of military conflicts and after natural disasters or terrorist acts, as the loss of property is not counted. Hence, complementary measures may help to show a more comprehensive picture of an economy.

There are six major measures of human capital, each of which covers at least 130 countries, all of which are described in this paper. These measures are of two distinct types: monetary and index-based. The two monetary versions are those by the World Bank (Lange et al., 2018) and by the United Nations Environmental Program and the Urban Institute of Kyushu University (Managi and Kumar et al., 2018). The four indicator versions are by the Institute of Health Metrics and Evaluation of the University of Washington (Lim et al., 2018), the United Nations Development Programme (UNDP, 2019), the World Bank (International Bank for Reconstruction and Development and the World Bank, 2018), and the World Economic Forum (World Economic Forum, 2017). In addition to describing each of these six measures, this paper compares them using ranking (Spearman) and level (Pearson) correlations. This paper was written as an introduction to a forthcoming book (Fraumeni, Barbara M., ed., Measuring Human Capital, Academic Press, Cambridge, MA) on human capital in order to help statisticians, researchers, analysts, policy-makers and government officials make an informed choice about which to use as this decision can matter.

Between 1948 and 1979, economic activity in the United States increased almost twice as much as over the entire preceding course of American history. The traditional explanation of this remarkable development emphasizes productivity growth. In the most sophisticated study to date of the factors currently affecting economic growth, the authors of this book show that capital formation is far more important, with the growth of labor resources and productivity a distant second. Their conclusions rest on a far more detailed empirical base than any ever assembled in studies of economic growth. For e.