본 연구에서는 1963년부터 2004년까지 산업별, 성별, 교육수준별 취업자수, 노동시간, 임금 자료 등을 이용하여 42년 동안 우리나라 전산업의 인적자본 스톡을 측정하였다. 또한 종사상 지위별(피고용자, 무급종사자)로 세분하여 인적자본 스톡을 측정하였다. 취업자를 종사상 지위별로 구분하지 않고 동일한 월평균 임금을 적용하여 노동투입지수를 계산하였을 경우, 1963년부터 2004년까지의 전산업에서 총노동투입과 총노동시간 그리고 노동의 질을 측정한 결과를 살펴보면 총노동투입은 1963년부터 2004년까지 연평균 3.74%씩 증가했으며, 노동의 질적 지수는 연평균 0.85%씩 증가한 것으로 나타났다. 따라서 42년 동안 총노동투입 증가의 22.7%가 노동의 질적 향상 즉 인적자본의 축적에 의한 것이었음을 알 수 있다. 한편 인적자본 축적에 영향을 미치는 요인들, 즉 성별, 교육수준별, 산업부분별로 구분하여 각각의 부분지수를 산출하였다.

Human capital is increasingly believed to play an important role in the growth process, however adequately measuring its stock remains controversial. This paper presents a labor income based-index measure of Korea's human capital stock from 1963 to 2004. The aggregate volume and quality of labor input increased at an average rate of 3.74 percent and 0.85 percent per year, respectively, during the 1963-2004. Consequently, approximate 22.7 percent of the growth of labor volume can be attributed to improvement in labor quality from 1963 to 2004. This measure of Korea's human capital stock can be used in economic growth models, empirical measuring exercises, as well as in the assessment of labor market issues.

Human capital is increasingly believed to play an important role in the growth process, however adequately measuring its stock remains controversial. This paper presents a labor income based-index measure of Korea's human capital stock from 1963 to 2004. The aggregate volume and quality of labor input increased at an average rate of 3.74 percent and 0.85 percent per year, respectively, during the 1963-2004. Consequently, approximate 22.7 percent of the growth of labor volume can be attributed to improvement in labor quality from 1963 to 2004. This measure of Korea's human capital stock can be used in economic growth models, empirical measuring exercises, as well as in the assessment of labor market issues.

human capital stock, wage differential, employment, total labor input.