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Since the beginning of the decade of the 1960s, it has increasingly been recognized that the concept of accumulation needs not be limited to technology and physical capital but is also applicable to the cluster of factors, including health, education, on-the-job training and general skills of the labour force, which is collectively referred to as human capital. The paper provides a wage-based approach to the measurement of human capital. It intimates that the drawback to this approach is the implied assumption of perfect functioning of the labour market.