Piketty's "Capitalism in the twenty-first century" provides a superb, detailed historical analysis of the evolution of income and wealth inequality. Piketty demonstrates vast and increasing inequality that he argues might possibly be tempered in the future by economic growth and educational expansion supplemented by government…

This article begins by observing how education is currently appreciated primarily for its utility value, a view informed by utilitarianism and neoclassical economic theory. A critique of that framing is offered and an alternative way of valuing education informed by a Capabilities Approach is presented. In doing so, I also observe that while key…

The rate of emigration of highly educated people from the Caribbean is one of the highest in the world but little research exists on this phenomenon. This paper helps to fill this gap by focusing on one particular subset of Caribbean skilled emigrants, those working in higher education in the US, including academics and administrators. Drawing on…

In an effort to more comprehensively understand economics as a foundation of human resource development (HRD), this article reviews economic theories and models pertinent to HRD research and theory building. By examining neoclassical and neoinstitutional schools of contemporary economics, especially the screening model and the internal labor…

Most nations have experienced an internal armed conflict since 1960. The past decade has witnessed an explosion of research into the causes and consequences of civil wars, belatedly bringing the topic into the economics mainstream. This article critically reviews this interdisciplinary literature and charts productive paths forward. Formal theory…

This paper provides an account of the main approaches, debates and evidence in the literature on the role of workforce skills in the innovation process in developed economies. It draws on multiple sources including the innovation studies discipline, neoclassical Human Capital theory, institutionalist labour market studies and the work organisation…

In this study a model for the supply of college educated labor is developed from human capital theory. A demand model is added, derived from neoclassical production function theory. Empirical estimates are made for white males and white females, using cross-sectional data on states of the U.S., 1960-70. In human capital theory, education is an…

Human capital theory holds that a higher education will be pursued to the extent that its pecuniary rewards outstrip its costs. This notion is founded on the neoclassical economic assumption that expected earnings conditional on educational investment are accurately anticipated by those considering such investments. However, the evidence in…

The neo-classical "human capital theory" continues to be invoked as part of the rationale for educational expansion in the developing world. While the theory provides a route from educational inputs to economic outputs in terms of increased incomes and standards of living, the route is contingent and relies upon a number of key…

Compares and contrasts two economic views, political economy and neoclassical economics, as they pertain to the development of human capital and education in rural areas. The concluding discussion draws implications for rural educators. (Author/KS)

Until the 1950s, Canadian economists demonstrated little concern about the relationship between education and society's economic performance. In the 1960s, the neoclassical school became preoccupied with education's investment potential and, with the Keynsians, formed a consensus on greatly increased expenditures. In the 1970s, this judgment was…

The human capital concept of neoclassical economics holds that increased education will lead to increased productivity and to higher wages. Job queue and labor market segmentation theories argue that improved education merely drives up employment criteria and that the socioeconomic background of the employee is a more significant indicator of…

This volume, part of a series of monographs that explores the relationship between the economy and schooling, is intended to show how economists have sought to cast light on the economic nature of education, on resource allocation problems within the education sector, and on policy implications of such analyses. The first part describes the basic…

The "new" economics of education replaces the "old" economics expressed in human capital theory, which viewed education as contributing to individual enhancement and ultimately to economic betterment. The "old" economics foundered on the rising levels of youth unemployment, a result of declining productivity and…