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Schultz coined this theory in his book titled Investment in Human Capital; however, he experienced negative feedback from other economists. He states that knowledge and skill are a form of capital, and investments in human capital leads to an increase in both economic output and workers' earnings.
In his 1964 book Human capital theories Becker introduced the economic concept of human capital. This book is now a classic in economy research and Becker went on to become a defining proponent of the Chicago school of economics. The book was republished in 1975 and 1993. Becker considered labor economics to be part of capital theory.
The early 20th century Austrian sociologist Rudolf Goldscheid's theory of organic capital and the human economy also served as a precedent for later concepts of human capital. [ 7 ] The use of the term in the modern neoclassical economic literature dates back to Jacob Mincer 's article "Investment in Human Capital and Personal Income ...
Human Capital Theory states that the knowledge, experience and skills of employees are developed through processes of advanced education, training and development and job changes (Tharenou, 1997). Human capital acquisition through learning and job satisfaction increases the ability of a workforce to perform effectively (Michael et al., 2000 ...
The Physiocrats proclaimed laissez-faire in 18th-century France, placing it at the very core of their economic principles and famous economists, beginning with Adam Smith, developed the idea. [20] It is with the Physiocrats and the classical political economy that the term laissez-faire is ordinarily associated. [21]
[62] [63] Economist Radhika Desai, while concurring that 1914 was the peak of the capitalist system, argues that the neoliberal reforms that were intended to restore capitalism to its primacy have instead bequeathed to the world increased inequalities, divided societies, economic crises and misery and a lack of meaningful politics, along with ...
A third set, referred to as the "neoclassical revival", expanded the definition of capital in exogenous growth theory to include human capital. [179] This strain of research began with Mankiw, Romer, and Weil (1992), [ac] which showed that 78% of the cross-country variance in growth could be explained by a Solow model augmented with human ...
post-keynesian economics disagrees with the notion of the long-term neutrality of demand, arguing that there is no natural tendency for a competitive market economy to reach full employment. Other viewpoints on economic issues from outside mainstream economics include dependency theory and world systems theory in the study of international ...