The human capital theory. Encouragement and criticism

Abstract

What is a human capital? Many minds tried to find answer for this question. First attempts were made even during the ancient times. However, as it is mentioned in the early scientific literature, human capital as a determinant in labor economics appeared at the end of XX century. Until recently it is one of the most discussed questions in the field. Therefore, this work will present thoughts of many famous economists who have made any contribution into human capital. Moreover, there is a connection that goes through years and centuries showing the main points of dispute and compares it with points of current hot debates. It might help to understand current problems better, because we have to “explore the past to understand the present and shape the future” (Graseck, 2008).