Journal Article

Das Human-Kapital: A Theory of the Demise of the Class Structure

Oded Galor and Omer Moav

in The Review of Economic Studies

Published on behalf of Review of Economic Studies Ltd

Volume 73, issue 1, pages 85-117
Published in print January 2006 | ISSN: 0034-6527
Published online January 2006 | e-ISSN: 1467-937X | DOI: http://dx.doi.org/10.1111/j.1467-937X.2006.00370.x
Das Human-Kapital: A Theory of the Demise of the Class Structure

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  • Demand and Supply of Labour
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  • Labour and Demographic Economics
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This paper suggests that the demise of the capitalists—workers class structure was a socio-economic transformation orchestrated by the capitalists in reaction to the increasing importance of human capital in sustaining their profit rates. Physical capital accumulation in the process of industrialization enhanced the importance of human capital in production and generated incentives for capitalists to support the provision of public education for the masses, triggering the demise of the existing class structure. The implications of the theory are consistent with the voting patterns on England's education reform of 1902.

Keywords: E25; J24; N33; N43

Journal Article.  17686 words.  Illustrated.

Subjects: Demand and Supply of Labour ; Macroeconomics: Consumption, Saving, Production, Employment, and Investment ; Labour and Demographic Economics ; Economic History

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