60 Years of Human Capital Theory: Applying Classical Theory to the Analysis of the Modern Labor Market

Abstract

In this study, the author analyzes new trends in the development of the human capital theory and offers an interdisciplinary approach to the application of the human capital concept for the analysis of the modern labor market and labor relations. Over the 60 years of its existence, the theory of human capital has not only been tested in numerous empirical studies, but also received further theoretical development due to the inclusion of scientific insights from related fields, such as social psychology, organizational behavior, economic sociology, human resource management, strategic and general management. An integrated approach to the study of human capital allows us to expand our understanding of the role that an individual plays in the production process and its impact on the economic outcomes of organizational activities.