100 THE CHANGING WEALTH OF NATIONS
TABLE 5.3
Human Capital and Country Fixed Effects in Selected Countries, Average 1995–2005 2005 US$
Country
Intangible Capital ($/capita)
Human Capital Index
Human Capital ($/capita)
Fixed Effects ($/capita)
Residual ($/capita)
385,939
4.9
455,093
..
69,154 116,181
G7 countries Canada France
441,169
3.5
324,988
..
Germany
413,737
4.3
399,283
..
14,454
Italy
377,822
3.4
312,546
..
65,276
Japan
364,893
4.1
380,438
..
15,545
United Kingdom
499,841
4.0
375,106
..
124,735
..
98,500
United States
562,835
5.0
464,335
Brazil
52,822
2.6
237,230
198,561
China
6,662
3.0
281,606
288,846
BRICS
4,441
2.5
236,169
248,193
14,407
3.7
343,350
347,306
58,802
2.4
226,898
184,072
4,341
2.0
189,857
197,557
Ghana
4,660
2.2
207,742
217,626
Haiti
7,456
2.0
186,968
188,202
Kenya
5,219
2.1
194,752
200,795
Nepal
1,872
2.0
186,030
197,573
Senegal
9,571
2.2
199,972
204,724
Tajikistan
2,633
4.1
380,434
395,415
Uganda
1,253
1.9
172,075
182,969
Vietnam
4,196
2.6
245,243
271,825
Zambia
6,292
2.0
187,064
193,728
India Russian Federation South Africa
Low-income countries (selected) Bangladesh
Source: Authors’ calculations. Note: .. statistically insignificant coefficient.
in economic output. The basic approach is to estimate a production function, using panel or cross-sectional data for countries, to relate output to factor inputs. We follow this tradition using our panel data set on produced, natural, and intangible wealth. First we regress the logarithm of output against the logarithms of the production factors. As a variant, we also use our calculated human capital