• Human capital around the globe: How to measure the human input in GDP

    3 monthes ago - By FRED

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    What does it take to produce stuff? On a basic level, you need means of production: raw materials, land, some machinery, some structure, and humans. Gross domestic product is the measure of all the stuff produced in a country and depends heavily on the means of production. Today, we look at the human component. How much humans influence GDP depends on essentially two things: how much they work and how good they are at working. The latter is obviously a little difficult to measure, especially if you want to look at the input angle. We can measure output, which is labor...
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