Education human capital

In this study, we develop a theoretical framework that integrates the quantity of education with its market value. Using multi-year survey data, we estimate the value of education based on returns to schooling and construct various Education Human Capital (EHC) indexes for the period 1986–2020 in China. Our results provide a new metric for analysing education and its role in economic growth. The resulting database enhances education indicators for China in existing studies and international datasets. Compared to the traditional quantitative measure of years of schooling, EHC captures much richer information on the trends and dynamics of education development. Moreover, decomposition analysis shows that EHC reflects a more complex relationship with economic growth, going beyond the simple correlations typically observed with years of schooling.