The Method Comparison And Application Of Human Capital Measurement In China

Human capital is an important concept in economic research,but it is easy to define and difficult to measure.Since the 60s of last century,the exploration of measuring methods of human capital has been deepened in academic circles,and educational indicators,cost and income methods have been formed.Human capital is widely applied in many aspects,such as economic growth,income distribution,industrial structure,enterprise performance,family financial management and so on.It is especially important for macroeconomic research.In view of this,the improvement of the human capital measurement method and the comparison of its advantages and disadvantages are of great theoretical significance and obvious application value.This paper constructs the comprehensive human capital data covering the cost method,income method,education index and other types of measurement sets,and strive to improve the consistency of all kinds of basic data and comparability,and separately from the application effects of the mechanism and calculation results,the three dimensions of the method and the applicability of the comparison of similarities and differences.First of all,read the literature in this field extensively,sort out the concept of human capital,various measurement methods and applied research of human capital,clarify the different perspectives and internal differences of various methods.Then,while ensuring the data consistency is the premise of using cost method,income method and education index method to measure the China 1980-2016 years of human capital,and combined with the prior information,analysis of measurement results from the differences and causes of change trend,capital structure,index etc.Finally,the influence of human capital on economic growth as an example,to construct an analysis model of effective labor,in the condition of other explanatory variables under the same difference,study of human capital measurement methods in the field of education effect.The results show that the index method of output elasticity was too high,the cost may overestimate the output the elasticity and contribution rate of factors,the income method may underestimate the output elasticity and contribution rate of factors,through the summary of previous empirical results,we find that the income method is consistent with most scholars,may be more reasonable.If we want to get more credible empirical results,we need to further improve the connotation of the measurement of cost and income law to describe the scope of human capital.This paper focuses on the comparison of human capital measurement methods,which can provide a reference for the selection of human capital measurement methods in other applications.