Question. Suppose a market-based estimate of the value of human - TopicsExpress

Question. Suppose a market-based estimate of the value of human capital is derived from a production function, simply by calculating how much average human capital needs to be imputed in order to explain CIA World Factbook estimates of per capita GDP, given Summers-Heston estimates of the capital stock. Then the log of this market-based estimate of average human capital is regressed against the UNs Human Development Index. I would have thought this was a rather crude procedure (though better than nothing), and I wouldnt have expected a very high R^2. But I got an R^2 of 90%. My reaction was Wow! The HDI must be pretty good data! And factor endowments explain the wealth and poverty of nations better than I thought! But, was I right to be so impressed? Or am I missing something?

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