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Issues in the Theory of Human Capital.Education as Investment

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  • FRITZ MACHLUP

    (New York University.)

Abstract

After a few references to the early literature on human capital, from Petty via Smith, Engel, and Nicholson to Marshall, various issues in current theory of human capital are briefly reviewed. They include questions regarding categories of "tangible human capital" and "intangible nonhuman capital;" investment in raising children, in schooling, and in research and development; depreciation of human capital through obsolescence, loss of strength, illness, retirement, and death; conflicts between efficiency and equality in the educational system; wrong educational mix resulting in waste or even net loss; the problem of complementarity among different kinds of physical and human capital; and the complexity of econometric research on comparative returns to different investments.

Suggested Citation

  • Fritz Machlup, 1982. "Issues in the Theory of Human Capital.Education as Investment," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 21(1), pages 1-17.
    • Handle: RePEc:pid:journl:v:21:y:1982:i:1:p:1-17
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    File URL: http://www.pide.org.pk/pdf/PDR/1982/Volume1/1-17.pdf
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    References listed on IDEAS

    as
    1. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," NBER Chapters, in: Investment in Human Beings, pages 9-49, National Bureau of Economic Research, Inc.
    2. J. R. Walsh, 1935. "Capital Concept Applied to Man," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 49(2), pages 255-285.
    3. Blaug, Mark, 1976. "The Empirical Status of Human Capital Theory: A Slightly Jaundiced Survey," Journal of Economic Literature, American Economic Association, vol. 14(3), pages 827-855, September.
    4. Theodore W. Schultz, 1960. "Capital Formation by Education," Journal of Political Economy, University of Chicago Press, vol. 68, pages 571-571.
    5. Milton Friedman & Simon Kuznets, 1945. "Income from Independent Professional Practice," NBER Books, National Bureau of Economic Research, Inc, number frie54-1, March.
    6. John W. Kendrick, 1976. "The Formation and Stocks of Total Capital," NBER Books, National Bureau of Economic Research, Inc, number kend76-1, March.
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    Cited by:

    1. Muhammad Irfan, 2010. "A Review of the Labour Market Research at PIDE 1957-2009," PIDE Books, Pakistan Institute of Development Economics, number 2010:1 edited by Rashid Amjad & Aurangzeb A. Hashmi, December.

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