On Aggregating Human Capital Across Heterogeneous Cohorts
Research output: Working paper › Research
Standard
On Aggregating Human Capital Across Heterogeneous Cohorts. / Growiec , Jakub ; Groth, Christian.
Cph. : Department of Economics, University of Copenhagen, 2012.Research output: Working paper › Research
Harvard
APA
Vancouver
Author
Bibtex
}
RIS
TY - UNPB
T1 - On Aggregating Human Capital Across Heterogeneous Cohorts
AU - Growiec , Jakub
AU - Groth, Christian
N1 - JEL Classification: J24, O47
PY - 2012
Y1 - 2012
N2 - Based on a general framework for computing the aggregate human capital stock under heterogeneity across population cohorts, the paper derives aggregate human capital stocks in the whole population and in the labor force, and relates these variables to average years of schooling and average work experience. Under the scenarios considered here, the "macro-Mincer" (log-linear) relationship between aggregate human capital and average years of schooling is obtained only in cases which are inconsistent with heterogeneity in years of schooling and based on empirically implausible demographic survival laws. Our numerical results indicate that the macro-Mincer equation can be a reasonable approximation of the true relationship only if returns to schooling and work experience are roughly constant across countries
AB - Based on a general framework for computing the aggregate human capital stock under heterogeneity across population cohorts, the paper derives aggregate human capital stocks in the whole population and in the labor force, and relates these variables to average years of schooling and average work experience. Under the scenarios considered here, the "macro-Mincer" (log-linear) relationship between aggregate human capital and average years of schooling is obtained only in cases which are inconsistent with heterogeneity in years of schooling and based on empirically implausible demographic survival laws. Our numerical results indicate that the macro-Mincer equation can be a reasonable approximation of the true relationship only if returns to schooling and work experience are roughly constant across countries
KW - Faculty of Social Sciences
KW - human capital
KW - aggregation
KW - heterogeneity
KW - population cohort
KW - Mincer equation
M3 - Working paper
T3 - University of Copenhagen. Institute of Economics. Discussion Papers
BT - On Aggregating Human Capital Across Heterogeneous Cohorts
PB - Department of Economics, University of Copenhagen
CY - Cph.
ER -
ID: 40934575