The Concept of Human Capital: A Brief Historical Review
The Concept of Human Capital: A Brief Historical Review
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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