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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