The second objective of the study is to use the lessons learned from the review to.
compute a new set of growth accounts for Thailand that addresses the above issues and 28 incorporates the latest available data.
The first issue of the extent of improvement in the quality of the labor input is examined in detail.
This study uses micro survey data on the earnings and.
educational attainment of workers in Thailand for the years of 1977 to 2004 to estimate the return to additional years of education.
I conclude that returns to education in the form of increased earnings per year of additional education have been consistently in the range of 9 to 10 percent over the period of 1977 to 2004.
The resulting index of labor quality suggests that the rate of improvement in Thailand is in the lower portion of the range of experience in other East Asian economies.
The labor force survey is also the source of information on the proportion of.
workers who are employees. That ratio is used to adjust the estimates of labor compensation to increase the relative weight attached to labor in the growth accounting.