Human Capital Prices, Productivity, and Growth
Bowlus, Audra J., and
Chris Robinson. 2012. "Human Capital Prices, Productivity, and Growth."
American Economic Review,
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.
(JEL D91, I20, J24, J31, O47)
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Bowlus, Audra J. (Social Science Centre, U Western Ontario)
Robinson, Chris (Social Science Centre, U Western Ontario)
D91: Intertemporal Consumer Choice; Life Cycle Models and Saving
I20: Education and Research Institutions: General
J24: Human Capital; Skills; Occupational Choice; Labor Productivity
J31: Wage Level and Structure; Wage Differentials
O47: Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence