Hunan University, China, and NBER, USA
IZA World of Labor role
Author
Current position
Special Term Professor, Hunan University, China; Research Associate, National Bureau of Economic Research, USA; Special Term Professor, Central University for Finance and Economics, China Center for Human Capital & Labor Market Research, China
Research interest
Economic accounting systems, the measurement of productivity, human and physical capital
Positions/functions as a policy advisor
The National Research Council/Transportation Research Board’s Value of Transportation Infrastructure Task Force and the Bureau of Transportation Statistics/US Department of Transportation’s Transportation Advisory Committee
Past positions
Chief Economist, Bureau of Economic Analysis, US Department of Commerce; Professor, Northeastern University, Boston, MA, USA
Qualifications
PhD Economics, Boston College, 1980
Selected publications
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Productivity and US Economic Growth. Harvard, MA: Harvard University Press, 1987 (with D. Jorgenson and F. Gallop).
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“Human capital in China, 1985–2008.” Review of Income and Wealth 59:2 (2013): 212–234 (with H. Li, Y. Liang, Z. Liu, and X. Wang).
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"Accumulation of human and nonhuman capital, revisited." Review of Income and Wealth (Forthcoming) (with M. Christian and J. Samuels).
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“Measuring human capital: Country experiences and international initiatives.” In: Jorgenson, D. W., K. Fukao, and M. Timmer (eds). Growth and Stagnation in the World Economy, Cambridge: Cambridge University Press, 2016; pp. 429–468 (with C. Gang Liu).
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“Human capital productivity: A new concept for productivity analysis.” International Productivity Monitor 24 (2012): 20–26.
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Gross domestic product: Are other measures needed?
GDP summarizes only one aspect of a country’s condition; other measures in addition to GDP would be valuable
Barbara M. Fraumeni, May 2017Gross domestic product (GDP) is the key indicator of the health of an economy and can be easily compared across countries. But it has limitations. GDP tells what is going on today, but does not inform about sustainability of growth. It does not measure happiness, so residents can be dissatisfied even when GDP is rising. GDP does not consider environmental factors or reflect what individuals do outside paid employment. It might increase in times of military conflicts and after natural disasters or terrorist acts, as the loss of property is not counted. Hence, complementary measures may help to show a more comprehensive picture of an economy.MoreLess