History of human capital in economic theory

The neoliberal paradigm has put forward a conceptual and epistemological shift from neoclassical economics, suggesting that economic activity should not be the study of various mechanisms such as consumption, production and investment, but rather should be the study of interchangeable options. These interchangeable options will function within a spontaneous order that goes beyond the human will and must be maintained to ensure optimal and efficient allocation of limited resources. Moreover, based on the theory of human interests, it has been postulated that human capital is a key factor in economic growth and income growth throughout the developed world. © 2022, Rossiiskaya Akademiya Nauk, Institut Istorii (Russian Academy of Sciences, Institute of General Hist). All rights reserved.