A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity:
This paper provides a new measure of human capital using PISA and PIAAC surveys, and mean years of schooling. The new measure is a cohort-weighted average of past PISA scores (representing the quality of education) of the working age population and the corresponding mean years of schooling (represen...
Gespeichert in:
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2022
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1709 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper provides a new measure of human capital using PISA and PIAAC surveys, and mean years of schooling. The new measure is a cohort-weighted average of past PISA scores (representing the quality of education) of the working age population and the corresponding mean years of schooling (representing the quantity of education). In contrast to the existing literature, the relative weights of each component are not imposed or calibrated but directly estimated. The paper finds that the elasticity of the stock of human capital with respect to the quality of education is three to four times larger than for the quantity of education. The new measure has a strong link to productivity with the potential for productivity gains being much greater from improvements in the quality than quantity component of human capital. The magnitude of these potential gains in MFP is comparable to a similarly standardised improvement in product market regulation, but the effects materialise with much longer lags. The paper demonstrates through the example of pre-primary education, how to simulate the impact of a particular reform to education policy on human capital and productivity. |
| Beschreibung: | 1 Online-Ressource (31 p.) 21 x 28cm. |
| DOI: | 10.1787/a1046e2e-en |
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| spelling | Égert, Balázs VerfasserIn aut A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity Balázs, Égert, Christine, de la Maisonneuve and David, Turner Paris OECD Publishing 2022 1 Online-Ressource (31 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1709 This paper provides a new measure of human capital using PISA and PIAAC surveys, and mean years of schooling. The new measure is a cohort-weighted average of past PISA scores (representing the quality of education) of the working age population and the corresponding mean years of schooling (representing the quantity of education). In contrast to the existing literature, the relative weights of each component are not imposed or calibrated but directly estimated. The paper finds that the elasticity of the stock of human capital with respect to the quality of education is three to four times larger than for the quantity of education. The new measure has a strong link to productivity with the potential for productivity gains being much greater from improvements in the quality than quantity component of human capital. The magnitude of these potential gains in MFP is comparable to a similarly standardised improvement in product market regulation, but the effects materialise with much longer lags. The paper demonstrates through the example of pre-primary education, how to simulate the impact of a particular reform to education policy on human capital and productivity. Economics de la Maisonneuve, Christine MitwirkendeR ctb Turner, David MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/a1046e2e-en Volltext |
| spellingShingle | Égert, Balázs A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity Economics |
| title | A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity |
| title_auth | A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity |
| title_exact_search | A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity |
| title_full | A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity Balázs, Égert, Christine, de la Maisonneuve and David, Turner |
| title_fullStr | A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity Balázs, Égert, Christine, de la Maisonneuve and David, Turner |
| title_full_unstemmed | A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity Balázs, Égert, Christine, de la Maisonneuve and David, Turner |
| title_short | A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity |
| title_sort | new macroeconomic measure of human capital exploiting pisa and piaac linking education policies to productivity |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/a1046e2e-en |
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