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Education and Human Capital

In: Applied Economics in Globalised Economies

Author

Listed:
  • James Foreman-Peck

    (Cardiff University)

  • Peng Zhou

    (Cardiff University)

Abstract

Education and human capital play a critical role in driving economic development and addressing global challenges. First, we focus on the measurement of human capital, the effects of education on productivity, and contributions to economic growth. The dual roles of education in skill acquisition and labour market signalling are explained by the human capital and the signalling models. We further examine how globalisation facilitates cross-border knowledge exchange, international student mobility, and innovation, while also presenting challenges such as brain drains and cultural homogenisation. The chapter evaluates the impact of education policies, such as public investment in schooling, vocational training, and higher education subsidies, on equity and economic outcomes. Empirical methods, like the perpetual inventory, are discussed for assessing human capital’s contribution to growth. By linking theory with policy and evidence, this chapter highlights the importance of education in building a competitive and inclusive global economy.

Suggested Citation

  • James Foreman-Peck & Peng Zhou, 2025. "Education and Human Capital," Springer Books, in: Applied Economics in Globalised Economies, chapter 0, pages 223-246, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-85621-1_8
    DOI: 10.1007/978-3-031-85621-1_8
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