Human Capital Development. Asian Development Review, Vol. 27(2), pp. 29-56
Son, Hyun H. | August 2010
Abstract
This paper has two main objectives. First, it assesses and measures the gaps in
the stock of human capital across the world. It presents how effectively
different regions are improving their stock of human capital, and how long it
will take for developing countries to catch up with the current level of human
capital in industrialized countries. Second, it revisits the contribution of
human capital to economic growth, proposing a decomposition method to
account for employment growth—which is also impacted on by human capital
growth—in explaining growth in total output per worker. The proposed
methodology introduces employment growth in the growth decomposition
through the employment growth elasticity. It is conjectured that as human
capital increases, employment growth elasticity will decrease, making the
economy less labor-intensive, resulting in higher economic growth. The
proposed method points to the importance of the micro linkage between
human capital and the labor market.
Citation
Son, Hyun H.. 2010. Human Capital Development. Asian Development Review, Vol. 27(2), pp. 29-56. © Asian Development Bank. http://hdl.handle.net/11540/1666. License: CC BY 3.0 IGO.Citable URI
http://hdl.handle.net/11540/1666Metadata
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