Final answer:
Human capital is measured by evaluating education levels and work experience, which together influence an economy's productivity and growth. In the United States, the emphasis has shifted towards education as the primary factor in human capital deepening, as indicated by rising levels of educational attainment.
Step-by-step explanation:
In reviewing the concept of human capital, it's understood as the information, skills, knowledge, education, and health of workers, which enables them to be productive. Different methodologies exist for measuring this integral aspect of economic growth. One popular method is assessing the educational attainment within a population, often seen as an indicator for the level of human capital an economy possesses. Over time, particularly in the United States, an increase in the number of individuals with high school diplomas and college degrees signifies human capital deepening, with formal education playing a crucial role. Besides education, work experience is another component of human capital, although its average level has not significantly varied over the recent decades in the U.S.
Growth accounting studies shed light on human capital's contribution to economic growth. By using aggregate production functions and growth accounting, researchers can approximate the impact of education, experience, and technological advancement on economic prosperity. Though the residual in these studies, which is not explained by measured inputs, often attributed to technology, it still highlights the significance of human capital as a component of economic progress.