Transcription of Human Capital - Harvard University
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Human Capital - Harvard University
Handbook of Cliometrics, Claude Diebolt and Michael Haupert, editors Springer-Verlag, forthcoming. Human Capital Claudia Goldin Department of Economics Harvard University and National Bureau of Economic Research ABSTRACT Human Capital is the stock of skills that the labor force possesses. The flow of these skills is forthcoming when the return to investment exceeds the cost (both direct and indirect). Returns to these skills are private in the sense that an individual s productive capacity increases with more of them. But there are often externalities that increase the productive capacity of others when Human Capital is increased. This essay discusses these concepts historically and focuses on two major components of Human Capital : education and training, and health. The institutions that encourage Human Capital investment are discussed, as is the role of Human Capital in economic growth. The notion that the study of Human Capital is inherently historical is emphasized and defended.
The residual can be reduced by about 20 percent for the 1900 to 1980s period by accounting for the growth in human capital embodied in individuals.5 But growth in human capital does little to reduce the residual for the earlier period. In large measure the reason that
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