The Stock of Human Capital in the UK 1975: A Preliminary Estimate

From the broadest and most general point of view ‘a nation’s wealth consists of all its sources that contribute to output’ (NBER, 1964). As such, both human and non-human resources are included in the concept of national wealth. Human beings provide varying contributions to output depending upon their precise characteristics, or skills, many of which may be induced by ‘investment’ expenditure.