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How …. What is …. What is a capital gain? Because real capital is supposed to earn a higher return where it is scarce,…. How would a change in int…. What are the implicati…. What are the factor payments for land, labor, and capital? How does investment as defined by economists differ from investment as defin…. There are three main objectives: first, to build demand for more and better investments in people; second, to help countries strengthen their human capital strategies and investments for rapid improvements in outcomes; and third, to improve how we measure human capital.
It will help measure productivity-related human capital outcomes such as child survival, early hardwiring of children for success, student learning, and adult health. The index will measure the health of children, youth, and adults, as well as the quantity and quality of education that a child born today can expect to achieve by the age of This will help strengthen transparency, which strong evidence suggests can move people and policymakers to demand and create better services.
The data is intended to jumpstart a conversation in each country about what matters for tomorrow, led at the highest levels of government. The Human Capital Project will help countries in several areas: leveraging resources and increasing spending efficiency, aligning policies with results-focused investments, and addressing measurement and analytical gaps. Governments are already demonstrating an interest in transforming their human capital outcomes.
Some of the first countries that are working with the World Bank Group on human capital strategies will share highlights at the Annual Meetings in October.
No country can afford to under-invest in its human capital. While the context varies, a focus on human capital is essential for countries at all income levels, since the frontier for skills is continuously moving and the demand for better education and health is increasing everywhere. C OVID is also causing significant disruptions in essential health services including routine vaccinations and child healthcare.
Nearly , children die every year from diarrhea linked to a lack of access to safe water and sanitation.
Gaps in human capital are at risk of widening amid rapid global changes in technology, demography, fragility, and climate. Yet investment in people is often neglected. COVID threatens to wipe out a decade of human capital gains — leaving a generation behind — as countries struggle to contain the virus, save lives, and rebuild their economies. Without immediate and massive action, such as the those outlined in the analysis Protecting People and Economies , the erosion of health, knowledge, skills and opportunities due to the pandemic today could undermine economic recovery and prosperity for entire nations in the future.
What is the World Bank Group doing to help countries protect human capital? As countries around the world work to contain the spread and impact of COVID, the World Bank Group has mounted the fastest and largest crisis response in its history to help developing countries strengthen their pandemic response and health care systems.
We are also helping countries access critically needed medical supplies by reaching out to suppliers on behalf of governments. In addition to ongoing health support, operations emphasize social protection, especially through cash transfers, as well as poverty alleviation and policy-based financing.
The World Bank is also working to restructure, redeploy, and reallocate existing resources in projects it finances. It focuses on the following main areas:. We are committed to making sure that poorer countries have fair and equitable access to vaccines as these become available. Protecting poor and vulnerable people — We are supporting income and food supplies for the most vulnerable as well as employment for poorer households, informal businesses, and microenterprises.
We are helping communities and local governments cope with crisis impacts, improve and expand services, and build resilience for future shocks. For example, the Bank is helping India scale-up cash transfers and food benefits, using a set of existing national platforms and programs, to provide social protection for essential workers involved in COVID relief efforts. This is benefiting vulnerable groups, particularly migrants and informal workers, who face high risks of exclusion.
Ensuring sustainable business growth and job creation — We are providing policy advice and financial assistance to businesses and financial institutions, to help preserve jobs and ensure that companies, especially small and medium enterprises, can weather the crisis and return to growth. Strengthening policies, institutions, and investments — With an emphasis on governance and institutions, we are helping countries prepare for a resilient recovery.
Working closely with the IMF, we are helping countries manage public debt better, make key reforms in financial management, and identify opportunities for green growth and low-carbon development as they rebuild.
What can be done to protect and invest in people beyond the pandemic? Governments, civil society, international financial institutions and the private sector must join forces to deploy ambitious, evidence-driven investments to help equip every person to achieve their potential. Fully realizing the creative promise embodied in each child has never been more important. The Human Capital Project is helping create the political space for national leaders to prioritize transformational investments in health, education, and social protection.
The objective is rapid progress toward a world in which all children are well-nourished and ready to learn, can attain real learning in the classroom, and can enter the job market as healthy, skilled, and productive adults.
Countries are using it to assess how much income they forego because of human capital gaps, and how much faster they can turn these losses into gains if they act now. Learn more from this video. The index was launched in October and updated in mid-September of The HCI also has more complete gender disaggregation.
Within countries, credible measurement of education and health outcomes sheds light on what works and where to target resources. The Human Capital Project will help nourish the research and analytics on what promotes human capital development, for example, by scaling up the Service Delivery Indicators program and the Measuring Early Learning Quality and Outcomes survey.
This approach encourages high-level leadership across time, connecting the dots between sectoral programs and strengthening the evidence base. The second is being prepared. The Human Capital Project is supporting the scale-up of this type of support for policy and institutional reform, and also working on a range of tools and products to help countries achieve their goals, for example, on human capital public expenditure and institutional reviews, and case studies capturing country-level successes and innovations.
The index is a summary measure of the amount of human capital that a child born today can expect to acquire by age 18, given the risks of poor health and poor education that prevail in the country where she lives.
If it scores 0. The index can directly be linked to scenarios for the future income of countries as well as individuals. If a country has a score of 0. The index is presented as a country average and includes a breakdown by gender for countries where data is available. The HCI quantitatively illustrates the key stages in the trajectory from birth to adulthood of a child born in a given year and their consequences for the productivity of the next generation of workers, with three components:.
Component 1: Survival. This component of the index reflects the unfortunate reality that not all children born today will survive until the age when the process of human capital accumulation through formal education begins.
It is measured using the under-5 mortality rate, with survival to age 5 as the complement of the under-5 mortality rate. Component 2: School. This component of the index combines information on the quantity and quality of education. The quantity of education is measured as the number of expected years of school a child would complete by age 18 given the prevailing pattern of enrollment rates. The maximum possible value is 14 years, corresponding to the maximum number of years of school obtained as of her 18th birthday by a child who starts preschool at age 4.
The quality of education reflects work at the World Bank to harmonize test scores from major international student achievement testing programs into a measure of harmonized test scores. A score of corresponds to the TIMSS high-performance benchmark, while a score of corresponds to the low-performance benchmark equivalent to the minimum benchmarks used in several regional assessments.
Component 3: Health. There is no single broadly accepted, directly measured, and widely available summary measure of health that can be used in the same way as years of school as a standard measure of educational attainment. Instead, two proxies for the overall health environment are used:. Adult survival rates. This is measured as the share of year-olds who survive until age This measure of mortality serves as a proxy for the range of nonfatal health outcomes that a child born today would experience as an adult if current conditions prevail into the future.
Healthy growth among children under age 5. This is measured using stunting rates, that is, as 1 minus the share of children under 5 who are below normal height for age. Stunting serves as an indicator for the prenatal, infant, and early childhood health environments, summarizing the risks to good health that children born today are likely to experience in their early years, with important consequences for health and well-being in adulthood.
What are the data sources for the HCI? How are these data vetted? All the data used to measure the HCI are publicly available and directly and consistently measured across countries. Data on harmonized test scores comes from the Global Database on Education Quality Patrinos and Angrist, , reflecting research at the World Bank to harmonize test scores from major international student achievement testing programs. The data used in HCI calculations undergo an extensive Bank-wide data review process.
Data are shared with World Bank country teams who verify data with education and health experts within the World Bank as well as government counterparts from relevant line ministries. This process of data quality assurance is particularly important for enrollment rates, where data might be missing or outdated for certain countries in the UIS database. The data review allows the HCI to incorporate stunting rates from nationally representative surveys that have recently become available but have not yet been incorporated in the JME database.
The harmonized test scores used to measure the quality of schooling across countries are based on a large-scale effort to harmonize international student achievement tests from several multicountry testing programs to produce the Global Dataset on Education Quality Patrinos and Angrist, Test scores are converted into TIMSS units as the numeraire, corresponding roughly to a mean of and a standard deviation across students of points.
The exchange rate is based on the ratio of average country scores in each program to the corresponding country scores in the numeraire testing program for the set of countries participating in both the numeraire and the other testing program. The exchange rate is calculated pooling all overlapping observations between and and is therefore constant over time. This ensures that within-country fluctuations in harmonized test scores over time for a given testing program reflect only changes in the test scores themselves and not changes in the conversion factor between tests.
Both reports involved extensive, global review from a wide range of stakeholders. Research has also entailed close collaboration with David Weil, a professor and leading expert on development accounting with Brown University.
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