Chapter

A Critique of the Human Capital Theory

Saumen Chattopadhyay

in Education and Economics

Published in print October 2012 | ISBN: 9780198082255
Published online January 2013 | e-ISBN: 9780199082070 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198082255.003.0005
A Critique of the Human Capital Theory

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This chapter undertakes a critical review of the human capital approach from different perspectives. Notwithstanding the dominance of neo-classical theory in human capital approach, a journey to the alternatives approaches bring out many facets of education and its linkage with society for a meaningful engagement in the study of education, economy, and society. The chapter begins with a brief account of screening hypothesis, which provides an alternative to the dominant human capital approach. The capability approach in the discourse on development economics adopts a much broader view of education, subsuming the human capital approach. The other two approaches discussed are social choice approach and the Marxian approach.

Keywords: education; screening; social choice; capability approach; functioning and capabilities; dual market; job market; human capital approach; neo-classical theory

Chapter.  13212 words. 

Subjects: Economic Development and Growth

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