HI GPI – SOCIAL AND HUMAN CAPITAL SERVICES
SOCIAL AND HUMAN CAPITAL SERVICES (+KS/KH)
GPI = U(PCE_ADJ + PP + KB + KS + KH – SC + KN – POL – DKN)
where PCE_ADJ = (PCE – DEFR – HI – CDE)*INQ
Social and Human Capital Services (+KS/KH)
Services from investments in Social and Human Capital are accounted for by estimating a flow of social payoffs.
Social and Human Capital Services (+KS/KH) Sub Indicators:
College Graduates
Higher education provides positive externalities to society to be accounted for; utilizes U.S. Census Data for share of population +>25 yoa with Bachelor’s degrees and an estimated $16,000 per graduate for social payoff. Not to be confused with investments in higher and vocational education under the Household Investment (-HI) indicator.
Manufacturing Jobs
Manufacturing jobs provide positive externalities to society to be accounted for; utilizes Bureau of Labor Supply (BLS) local and state data on manufacturing jobs, and assigns an external benefit value of $10,000 per job year based on willingness to pay analyses from BLS.
Leisure
Leisure hours enhance personal welfare and are included as a welfare measurement; utilizes American Time Use Survey (ATUS) data on annual workday leisure hours and multiplies the hours by the opportunity cost (or post-tax median wage).
Internet
Captures the positive externalities and social benefits of internet access. Combines an estimate of the population 3 years old+ with home internet access with an estimated consumer surplus generated via internet access per user per year.
Unpaid Work
Non-market unpaid work provides beneficial social services not accounted for in PCE or GDP. Includes non-market time from volunteering, housework, and caregiving from the ATUS; data on hours spent on each non-market labor category is multiplied by the market cost of substitutable paid labor.
HI GPI Unpaid Work Sub Indicators Excel Table