The Development of the Theory of Human Capital in the Historical Dimension
- DOI
- 10.2991/aebmr.k.200509.090How to use a DOI?
- Keywords
- human, mental, personal capital, competence, ability to work, innovative production, intellectual costs, profitability of the educational system
- Abstract
The paper deals with the main stages of the formation of the theory of human capital in works of L. Walras, J.M. Clark, F. List, D. Ricardo, and J. McCulloch who showed the influence of the theories of marginal utility, supply and demand, costs, etc. on the development of human capital. The source of the nation’s wealth is “mental capital”, i.e. discoveries, inventions, achievements in science and art. G. McLeod emphasized the importance of employee competence, A. Marshall introduced the concept of “personal capital”. The essence of human capital is understood ambiguously: a) it is a person as a set of characteristics, b) only his ability to work. The transition to innovative production, an increase in the share of intellectual, highly professional labor costs, etc. contributed to the formation of a full-fledged (classical) theory of human capital. In parallel, the institutional theory of human capital was formed, in which a special role was given to the social environment. On its basis, the foundations of other areas of human capital theory were laid, such as the economy of education, knowledge, and intellectual property. Human capital has been interpreted in an expanded way.
- Copyright
- © 2020, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - M.M. Khaykin AU - A.A. Lapinskas AU - O.A. Kochergina PY - 2020 DA - 2020/05/12 TI - The Development of the Theory of Human Capital in the Historical Dimension BT - Proceedings of the International Conference on Economics, Management and Technologies 2020 (ICEMT 2020) PB - Atlantis Press SP - 505 EP - 510 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.200509.090 DO - 10.2991/aebmr.k.200509.090 ID - Khaykin2020 ER -