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Human capital in Marshall’s Social Philosophy

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  • Eduardo Giannetti da Fonseca

Abstract

How to account for the wide and persistent differentials in per capita productivity in the world economy? From a Marshallian perspective, these differences are related to microeco-nomic factors (e.g. organization) and in particular to per capita investment in human beings as agents of production. Marshall believed that the relative importance of mental vis-à-vis manual labour tended to increase through time; and he held the view that human capital — i.e. the physical, moral and cognitive attributes of workers, professionals and business men — is one of the most important of all inputs in the production function and one of the key elements in the process of organic growth. The aim of this paper is to present Marshall’s theo-retical and normative thinking on the economic role of education and to bring out his pionee-ring contribution to the modern theory of human capital. JEL Classification: B13; B31; I25.

Suggested Citation

  • Eduardo Giannetti da Fonseca, 1992. "Human capital in Marshall’s Social Philosophy," Brazilian Journal of Political Economy, Center of Political Economy, vol. 12(2), pages 223-248.
    • Handle: RePEc:ekm:repojs:v:12:y:1992:i:2:p:223-248:id:1415
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    More about this item

    Keywords

    History of economic thought; Marshall; human capital; education;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development

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