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Summer 2018

ISSN 0890-913X

Volume 33, Number 2

Categories: Summer 2018 | Human capital

Human Capital and Its Structure

Scott Burns, Ursinus College

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HumanCapitalandItsStructureScottBurns*UrsinusCollegeTheJournalofPrivateEnterprise33(2),2018,33–51______________________________________________________AbstractTheAustrianschoolisuniqueforemphasizinganeconomy’scapitalstructure.Thispaperexploresthecapital-basedapproachtomacroeconomics,withitsfocusoncapitalasastructureandtheheterogeneityofbothphysicalandhumancapital.Whatmightthisapproachteachusabouthowgovernmentinterventionsmightdistortmarketpricesignals,disruptintertemporalcoordination,andleadtomalinvestmentsinhumancapital?ByextendingtheAustriantheoryinthismanner,Isketchatheoreticalfoundationthatfuturescholarscanbuildontocontributetosomeofthemostpertinentquestionsinlaboreconomicsandmacroeconomics.______________________________________________________JELCodes:B53,E22,E32,E50,E60,J01Keywords:humancapital,laboreconomics,Austrianeconomics,Austriancapitaltheory,Austrianbusinesscycletheory,malinvestments“Nothingismorecertainthanthat,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.IalsothankAlexanderSalterfororganizingapanelatthe2017AssociationofPrivateEnterpriseEducationAnnualConferenceon“TheRoleofCapitalStructureinAustrianBusinessCycleTheory.”IalsogratefullyacknowledgethegenerousresearchsupportfromtheMercatusCenteratGeorgeMasonUniversityandtheInstituteforHumaneStudies.Theusualcaveatapplies.

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Metadata [hide]

Title	Human Capital and Its Structure
Authors/Creators:	Scott Burns, Ursinus College
Year:	2018
Volume:	33
Number:	2
Pages:	33 - 51
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	human capital, labor economics, Austrian economics, Austrian capital theory, Austrian business cycle theory, malinvestments

Citation:
Burns, Scott / 2018. "Human Capital and Its Structure." The Journal of Private Enterprise, 33(2): 33-51.