The Concept of Human Capital, Its Evolution and Its Role in Economic Development

Abstract

The piece of writing follows the evolution of human capital as a marginal theory to a fundamental component of economic growth. Human capital is defined as people's skills, knowledge, and abilities that drive productivity and growth. By comparing past perceptions, the key theoretical notions, and contemporary applications, this study reveals the significance of human capital investment for economic development over the long term. The paper concludes with a consideration of the implications of investment in human capital for economic development strategy and policy.