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Human Capital

In: Handbook of Cliometrics

Author

Listed:
  • Claudia Goldin

    (Harvard University and National Bureau of Economic Research)

Abstract

Human capital is the stock of skills that the labor force possesses. The flow of these skills is forthcoming when the return to investment exceeds the cost (both direct and indirect). Returns to these skills are private in the sense that an individual’s productive capacity increases with more of them. But there are often externalities that increase the productive capacity of others when human capital is increased. This essay discusses these concepts historically and focuses on two major components of human capital: education and training, and health. The institutions that encourage human capital investment are discussed, as is the role of human capital in economic growth. The notion that the study of human capital is inherently historical is emphasized and defended.

Suggested Citation

  • Claudia Goldin, 2016. "Human Capital," Springer Books, in: Claude Diebolt & Michael Haupert (ed.), Handbook of Cliometrics, edition 1, pages 55-86, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-40406-1_23
    DOI: 10.1007/978-3-642-40406-1_23
    as

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