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The Introduction of Human Capital Theory into Education ...
1 The Introduction of Human Capital Theory into Education Policy in the United States Laura Holden College of Education Michigan State University Jeff Biddle Dept. Of Economics Michigan State University November 2016 Abstract Prior to 1958, Human Capital was little more than a suggestive phrase in economics, and played no role in discussions of Education policy. Within five years, there was an active theoretical and empirical Human Capital research program in economics. Over the same period, the new idea of public spending on Education as a form of investment with a demonstrably high rate of return, and the capacity to contribute to the achievement of important national goals, was enthusiastically communicated to the public by opinion leaders, policy makers, and even a President.
economic growth. But beginning in late 1940s CEA economists began to emphasize economic growth as a goal along with economic stability, and by the early 1960s increasing the rate of economic growth became the top priority of US economic policy, with full employment and economic stability seen mainly as means to that higher end.
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