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This paper presents an experimental accumulation account for human capital for Australia. The proposed accounting system draws on the Jorgenson-Fraumeni human capital accounting system, with a few modifications. This study focuses on human capital formed through investment in post-school education and working experience. To separate the positive effect on lifetime labour incomes of ageing, this study makes use of wage differentials arising from age at the early stage of working life to estimate investment in working experience. To derive measures of net human capital formation, this study decomposes total depreciation into three elements: depreciation on education capital, depreciation on experience capital and ageing of base level capital. The contribution of the size of working age population to the growth of human capital stock is treated as other volume changes.
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