Education Policy in the Context of Economic Sciences – Human Capital in the Process of Production and Consumption

Abstract

In economic relations, man acts both as creator and consumer of values. As a creator he applies his human capital in them. The aim of the study is to contribute to clarifying these starting points from the aspect of economic theory. The first chapter is devoted to man and his education in the process of value production. W. Petty viewed man directly as (human) capital; A. Smith viewed man as the bearer of this capital; but in the latter case it can be assumed that part of the investment in education is consumed. The second chapter is devoted to a man in the process of consumption of the goods of education. Man as a consumer of the values (goods) of education can be seen in terms of cardinalist or ordinalist theory. The result of the study is a better understanding of these theoretical underpinnings of economic science, allowing practical questions about the financing of education to be addressed with greater competence.