Human Capital: A Summary of the 20th Century Research

Since the early 1960s, human capital has been a theoretical and empirical focus of economics. During the last two decades, human capital formation became a central issue of neoclassical growth theory. This paper is an overview of the research on human capital, including: the concept, history of studies, education as a form of human capital, issues and caveats, and role in growth theory. The study ends with the current focus of human capital research.