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1、HumanCapitalPrices,ProductivityandGrowth∗AudraJ.BowlusChrisRobinsonUniversityofWesternOntario†UniversityofWesternOntario‡July2008AbstractSeparateidentificationofthepriceandquantityofhumancapitalhasimportantimplicationsforunderstandingkeyissuesinlaboreconomicsandmacroeconomi
2、cs.Priceandquantityseriesarederivedandsubjectedtorobustnesschecks.Thehumancapitalpriceseriesassociatedwithdifferenteducationlevelsarehighlycorrelatedandexhibitastrongseculartrend.Threeresult-ingimplicationsareexplored:(1)usingthederivedquantitieslife-cycleprofilesarere-exami
3、ned;(2)therisingcollegepremiumisreinterpretedandfoundtobemainlydrivenbyrelativequan-titychanges,and(3)adjustingthelaborinputforqualityincreasesdramaticallyreducesthecontributionofMFPtogrowth.∗TheauthorswishtothankLanceLochnerandToddStinebricknerforhelpfulcommentsanddiscuss
4、ion.WealsothankparticipantsinseminarsattheUniversityofVirginia,theUniversityofGuelphandconferencesessionsatthe2006CEAAnnualMeetings,thefirstannualUM/MSU/UWOLaborEconomicsDay,andtheCIBCHumanCapital,ProductivityandtheLabourMarketconference.ThisworkwassupportedbytheCIBCHumanCa
5、pitalandProductivityCentreandtheCanadianSocialSciencesandHumanitiesResearchCouncil.†DepartmentofEconomics,UniversityofWesternOntario,London,ONN6A5C2,Canada,e-mail:abowlus@uwo.ca.‡DepartmentofEconomics,UniversityofWesternOntario,London,ONN6A5C2,Canada,e-mail:robinson@uwo.ca
6、.11IntroductionTheflowfromhumancapitalisbyfarthemostimportantinputintheworldeconomy.TheestimatedshareoflaborintheU.S.andmostoftheOECDcountries,forexample,isabouttwothirds.Thereisquitegeneralagreementthathumancapitalplaysasignificantroleinthedeterminationoflivingstandards.Hum
7、ancapitaltheoryhasbeenthebasisofahugeliteraturestudyingthedeterminationofearningsandinequality.1TherecentriseintheskillpremiumandinequalityintheU.S.hasstimulatedalargeliterature,basedonthehumancapitalframework,toprovideanexplanation.2Atthesametime,ithasexposedacontinuingwe
8、aknessofhumancapitaltheoryduetoaninherentunder-identificationproblem.Thisisaproblemformany
