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Human Capital and Economic Growth$
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Andreas Savvides and Thanasis Stengos

Print publication date: 2008

Print ISBN-13: 9780804755405

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804755405.001.0001

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The Concept of Human Capital: A Brief Historical Review

The Concept of Human Capital: A Brief Historical Review

(p.10) 2 The Concept of Human Capital: A Brief Historical Review
Human Capital and Economic Growth
Stanford University Press

This chapter provides an overview of the interpretations that have been attached to the concept of human capital over the years. It is divided into two main sections corresponding roughly to the treatment of the subject prior to and following World War II. In early discussions of the concept of human capital, the emphasis was almost entirely in relation to a person's standard of living which is measured by income per person or human capital's contribution to aggregate income or wealth. It is only in the post-World War II period, and precisely in the last two decades, that the role of human capital as a contributor to economic growth came to the main agenda.

Keywords:   World War II, human capital, standard of living, aggregate income, economic growth

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