Human Capital Investment

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to the traditional measurement model. First, the technical capacity is being of new direct measurement
developed to create broader measures of stocks and investments. In particular, techniques and by examining
new surveys are being pioneered that directly measure complex features of human in more detail the complex
capital stocks rather than relying on educational attainment as a proxy. One processes that give value
dimension, literacy, has already been reported on, and the ability to measure to human capital.
more complex aspects of life skills is being developed. New aggregate indicators
based on surveys could also give a more complete picture of investment, bringing
together more information on the cost to private individuals and enterprises.
Second, however, it should be accepted that a full understanding of the
relationships between investments and benefits cannot be obtained purely by
aggregate data. More micro-level analysis, combining qualitative case studies
with quantitative surveys needs to explore in particular the benefits to individuals,
firms and societies that arise from human capital formation, and where possible
to link these benefits more precisely to skills gained from particular learning
programmes. With the help of this more detailed understanding, knowledge about
human capital will be even more important to policy makers, companies and
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individuals in taking investment decisions.
HUMAN CAPITAL INVESTMENT AN INTERNATIONAL COMPARISON
REFERENCES
OECD (1997a), Manual for Better Training Statistics Conceptual, Measurement and Survey Issues, Paris.
OECD (1997b), National innovations systems , free document, Directorate for Science, Technology and Industry.
OECD (1997c), Progress report on the New S&T indicators for the knowledge-based economy activity , document for the
NESTI Group meeting, Directorate for Science, Technology and Industry, June.
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HUMAN CAPITAL INVESTMENT: POLICY ISSUES
AND QUESTIONS
1. THE POLICY CONTEXT
OECD societies are transforming in ways that make human attributes central There is growing recognition
to economic prosperity. The competence of a nation s workers is coming to be at of the key role of human capital
least as important to its success as other advantages such as the availability of land in economic growth and social
and capital. For growth and prosperity to be sustainable, social cohesion is required; cohesion.
here too, the role of human capital is vital. These tenets are now increasingly
accepted. However, understanding of the precise economic and social contribution
made by various kinds of human capital investment is highly imperfect.
It is in the interest of governments to improve this understanding. Their
strategies for promoting learning across populations should draw on a new model
of the relationships between human competence and economic success
appropriate to the knowledge economy . As rapid change causes current
knowledge and competence to depreciate faster, the objective of lifelong
learning has been adopted in order to ensure that human capital is regularly
renewed. Yet, the development of measures of human capital lags behind this
change. The level of education attained in youth remains a more convenient
measure than a calculation of how skills and competences are gained and lost
throughout life. The logic of a broad definition of human capital is that no single
measure can serve. A complex set of relationships, determining not only the
accumulation but also the use of skills and other attributes, need to be understood.
Governments can influence the development of human capital in many
Governments have a key role
ways even though their influence is one of many, and must be exercised in
in guiding investment choices.
partnership with other interested parties. In considering strategically which forms
of learning most need support or encouragement, governments should be able
to judge the relative desirability of different activities in terms of their public
and private costs and their public and private benefits.
The evidence currently available, which is reviewed in earlier chapters,
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does not produce clear-cut policy messages. However, a number of points
HUMAN CAPITAL INVESTMENT AN INTERNATIONAL COMPARISON
emerge which should inform policy thinking about human capital investment.
In particular, it is clear that:
A substantial proportion of national income is devoted to investment in human
Human capital investment
capital. Public and private spending on formal education and training
accounts for a significant part
of total national income. are on average about 6 per cent of GDP. Companies allocate about
2 per cent of their paybill to training their workers. However as well
as this readily identifiable spending, considerable resources in terms
of the time of families and individuals are devoted to the
improvement of knowledge, skills and competence. So, the stakes
are high: it is critical to ensure that this volume of effort is well-
directed.
There is considerable private Investment in human capital is a shared enterprise. Although most of the
investment in human capital reported spending on formal education remains public, private
though it is not fully investments are taking a more equal part in post-compulsory
accounted for. education and training, and are dominant in the case of enterprise-
based training. Since public and private interests overlap, and learning
undertaken for one purpose can have spin-off effects for others, this
points to the need for partnership. [ Pobierz całość w formacie PDF ]

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