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Summer 2018
ISSN 0890-913X
Volume 33, Number 2

Human Capital and Its Structure

Scott Burns, Ursinus College
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HumanCapitalandItsStructureScottBurns*UrsinusCollegeTheJournalofPrivateEnterprise33(2),2018,3351______________________________________________________AbstractTheAustrianschoolisuniqueforemphasizinganeconomyscapitalstructure.Thispaperexploresthecapital-basedapproachtomacroeconomics,withitsfocusoncapitalasastructureandtheheterogeneityofbothphysicalandhumancapital.Whatmightthisapproachteachusabouthowgovernmentinterventionsmightdistortmarketpricesignals,disruptintertemporalcoordination,andleadtomalinvestmentsinhumancapital?ByextendingtheAustriantheoryinthismanner,Isketchatheoreticalfoundationthatfuturescholarscanbuildontocontributetosomeofthemostpertinentquestionsinlaboreconomicsandmacroeconomics.______________________________________________________JELCodes:B53,E22,E32,E50,E60,J01Keywords:humancapital,laboreconomics,Austrianeconomics,Austriancapitaltheory,Austrianbusinesscycletheory,malinvestmentsNothingismorecertainthanthat,thedegreeofeconomicprogressofmankindwillstill,infutureepochs,becommensuratewiththedegreeofprogressofhumanknowledge.”CarlMenger([1871]1981,p.76)Finally,theproductivestructureasawhole,encompassingthecapitalstructure(narrowlyunderstood)andtheinstitutionalstructure(includingthefinancialstructure),mustalsobeseentoincludethevalueofhumancapital.Infactthehumancapitalstructureisarguablythemostessential(andthemostdifficultto*IthankLawrenceWhite,PeterLewin,ChristopherCoyne,PeterBoettke,NicolásCachanosky,ThomasHogan,WilliamLuther,NicPusateri,CalebFuller,PatrickNewman,andBryanCutsingerfortheircommentsonearlierdraftsofthispaper.IalsothankAlexanderSalterfororganizingapanelatthe2017AssociationofPrivateEnterpriseEducationAnnualConferenceonTheRoleofCapitalStructureinAustrianBusinessCycleTheory.”IalsogratefullyacknowledgethegenerousresearchsupportfromtheMercatusCenteratGeorgeMasonUniversityandtheInstituteforHumaneStudies.Theusualcaveatapplies.
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