Human Capital Prices, Productivity, and Growth | Zendy

Audra J. Bowlus | Zendy; Chris Robinson | Zendy

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Human Capital Prices, Productivity, and Growth

Author(s) -

Audra J. Bowlus,

Chris Robinson

Publication year - 2012

Publication title -

american economic review

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 16.936

H-Index - 297

eISSN - 1944-7981

pISSN - 0002-8282

DOI - 10.1257/aer.102.7.3483

Subject(s) - economics , human capital , productivity , wage , investment (military) , identification (biology) , relative price , wage growth , econometrics , quality (philosophy) , monetary economics , labour economics , macroeconomics , biology , botany , politics , political science , law , economic growth , philosophy , epistemology

Separate identification of the price and quantity of human capital has important implications for understanding key issues in economics. Price and quantity series are derived for four education levels. The price series are highly correlated and they exhibit a strong secular trend. Three resulting implications are explored: the rising college premium is found to be driven more by relative quantity than relative price changes, life-cycle wage profiles are readily interpretable as reflecting optimal human capital investment paths using the estimated price series, and adjusting the labor input for quality increases dramatically reduces the contribution of MFP to growth.

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