The human capital transition and the role of policy

Hippe, Ralph and Fouquet, Roger (2019) The human capital transition and the role of policy. In: Diebolt, Claude and Haupert, Michael, (eds.) Handbook of Cliometrics. Springer International (Firm), pp. 205-251. ISBN 9783030001803

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Abstract

Along with information and communication technology, infrastructure, and the innovation system, human capital is a key pillar of the knowledge economy with its scope for increasing returns. With this in mind, the purpose of this chapter is to investigate how industrialized economies managed to achieve the transition from low to high levels of human capital. The first phase of the human capital transition was the result of the interaction of supply and demand, triggered by technological change and boosted by the demands for (immaterial) services. The second phase of the human capital transition (i.e., mass education) resulted from enforced legislation and major public investment. The state’s aim to influence children’s beliefs appears to have been a key driver in public investment. Nevertheless, the roles governments played differed according to the developmental status and inherent socioeconomic and political characteristics of their countries. These features of the human capital transition highlight the importance of understanding governments’ incentives and roles in transitions.

Item Type:	Book Section
Additional Information:	© 2019 Springer
Divisions:	Grantham Research Institute
Subjects:	L Education H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions
JEL classification:	N - Economic History > N3 - Labor and Consumers, Demography, Education, Health, Income, and Wealth > N33 - Economic History: Labor and Consumers, Demography, Education, Health, Income and Wealth: Europe: Pre-1913 I - Health, Education, and Welfare > I2 - Education > I20 - General I - Health, Education, and Welfare > I2 - Education > I28 - Government Policy Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q0 - General > Q01 - Sustainable Development
Date Deposited:	17 Jan 2024 10:45
Last Modified:	11 Dec 2024 18:12
URI:	http://eprints.lse.ac.uk/id/eprint/121393

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