ABSTRACT
The argument is then made that a human capital measure should be a lifetime income measure to reflect the impact of younger, and frequently more educated, students or workers in the future. An example is given to illustrate this point. The chapter concludes by relating change in human capital productivity to change in multifactor productivity with three deepening terms: market labor, time in household production and leisure labor, and nonhuman capital deepening. These estimates are developed using 1949–1984 and 1998–2009 data underlying a forthcoming article by Fraumeni, Christian, and Samuels.
