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Education and EconomicsDisciplinary Evolution and Policy Discourse$
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Saumen Chattopadhyay

Print publication date: 2012

Print ISBN-13: 9780198082255

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780198082255.001.0001

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A Critique of the Human Capital Theory

A Critique of the Human Capital Theory

Various Perspectives

(p.118) 5 A Critique of the Human Capital Theory
Education and Economics

Saumen Chattopadhyay

Oxford University Press

This chapter undertakes a critical review of the human capital approach from different perspectives. Notwithstanding the dominance of neo-classical theory in human capital approach, a journey to the alternatives approaches bring out many facets of education and its linkage with society for a meaningful engagement in the study of education, economy, and society. The chapter begins with a brief account of screening hypothesis, which provides an alternative to the dominant human capital approach. The capability approach in the discourse on development economics adopts a much broader view of education, subsuming the human capital approach. The other two approaches discussed are social choice approach and the Marxian approach.

Keywords:   education, screening, social choice, capability approach, functioning and capabilities, dual market, job market, human capital approach, neo-classical theory

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