Human capital

UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
Rosalie Holms Tripp (Creator)
The University of North Carolina at Greensboro (UNCG )
Web Site:
David Davies

Abstract: The recent interest in the concept of human capital is attributable to the presidential address of Theodore Schultz at the American Economic Association, December 28, I960. This address entitled "Investment in Human Capital" has been seminal in terms of the vast amount of research which followed. The purpose of this paper is to review the literature on human capital, to point out difficulties in its measurement, and to provide some indication of the meaningfulness of the concept. Specifically, the first part of the paper is concerned with the controversial history of the concept of capital, extending over the period from Quesnay through Smith, Ricardo, Mill, Marx, Marshall, to very recent economists. Secondly, the mensuration difficulties raised by the hetergeneity of capital (the index number problem) and quantity-value data alternatives are discussed. In the final portion of this paper, some indication of the meaningfulness of the concept of human capital is provided in an analysis of an aspect of economic pluralism in the United States.

Additional Information

Honors Project
Language: English
Date: 1960

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