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Publication year
Human Capital Prices, Productivity, and Growth
Resource type
Authors/contributors
- Bowlus, Audra J. (Author)
- Robinson, Chris (Author)
Title
Human Capital Prices, Productivity, and Growth
Abstract
Separate identification of the price and quantity of human capitalhas 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 seculartrend. Three resulting implications are explored: the rising collegepremium is found to be driven more by relative quantity thanrelative price changes, life-cycle wage profiles are readily interpretableas reflecting optimal human capital investment paths usingthe estimated price series, and adjusting the labor input for qualityincreases dramatically reduces the contribution of MFP to growth.(JEL D91, I20, J24, J31, O47)
Publication
American Economic Review
Volume
102
Issue
7
Pages
3483-3515
Date
2012-12
Citation
Bowlus, A. J., & Robinson, C. (2012). Human Capital Prices, Productivity, and Growth. American Economic Review, 102, 3483–3515.
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