How Much Is Russia's Human Capital Worth? (Part Ⅰ )

摘要

This article uses the lifetime labor income method to present the domestic literature's first valuation of Russia's human capital. The first part looks in detail at two of the most popular approaches used to value stocks of human capital (a) cost-based and (b) income-based. Special attention is given to the methodology first proposed by D. Jorgenson and B. Fraumeni. This methodology was the foundation of the recent intercountry Human Capital Project of the Organization for Economic Cooperation and Development (OECD). A special section is devoted to the project's most important results, which covered fifteen countries. The second part uses an analogous method to estimate Russia's human capital.