The Accumulation of Human and Non-human Capital

Abstract

The purpose of this paper is to present the first fully comparable measures of investment in human and non-human capital. Our most important innovation is to define human capital in terms of lifetime labour incomes for all individuals in the population. Our second innovation is to integrate demographic accounts with economic accounts. The measurement of investment in human capital is based on a system of demographic accounts. The measurement of investment in non-human capital is based on economic accounts for the accumulation of investment goods. We implement these concepts through a new system of national accounts for the United States, covering the period 1947–73. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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