The Economics of Education in Adam Smith’s “Wealth of Nations”
Journal of World Economic Research
Volume 3, Issue 5, October 2014, Pages: 60-64
Received: Oct. 31, 2014; Accepted: Nov. 11, 2014; Published: Nov. 20, 2014
Views 2593      Downloads 287
Stefano Spalletti, Dept. SPOCRI, University of Macerata, Macerata, Italy
Article Tools
Follow on us
In “intellectual history” perspective, Adam Smith was able to find out the idea of human capital especially from microeconomic point of view. The result originates thanks to a rudimentary use of the category of the human capital. However, on the basis of other premises this essay attempts also to bring to the fore that the results of Smith’s reflection change according to a macro point of view. Paying attention to the increasing of the social product, the importance of knowledge and human resources gains a crucial role in explaining the growth. From this second perspective, human capital realizes the incorporation of the technological element not into the labour but into the capital factor. Under this light Smith is more strictly linked to an approach familiar with the neoclassic theories of growth.
Adam Smith, Education, Human Capital
To cite this article
Stefano Spalletti, The Economics of Education in Adam Smith’s “Wealth of Nations”, Journal of World Economic Research. Vol. 3, No. 5, 2014, pp. 60-64. doi: 10.11648/j.jwer.20140305.12
Becker, G., (1964). Human Capital. A Theoretical and Empirical Analysis, with Special Reference to Education, New York: Columbia University Press.
Blaug, M. (1975). The Economics of Education in English Classical Political Economy: a Re-examination, in Skinner - Wilson (eds.), “Essay on Adam Smith”, Oxford: Clarendon Press, pp. 568-599.
Blaug, M. (2001). No History of Ideas, Please, We're Economists, Journal of Economic Perspectives, 15:1, pp. 145-164.
Elmslie, B. (1994). The Endogenous Nature of Technological Progress and Transfer in Adam Smith’s Thought, History of Political Economy, 26: 4, pp. 649-663.
Griliches, Z. (2001). R&D, Education, and Productivity: A Retrospective, Cambridge, Mass. and London: Harvard University Press.
List F. [1841] (1904), The National System of Political Economy by Friedrich List, trans. Sampson S. Lloyd, with an Introduction by J. Shield Nicholson, London: Longmans, Green and Co.
Page, A. (1971). L’économie de l’éducation, Paris, Presses Universitaires de France, 1971.
Reid, G. C. (1989). Adam Smith’s Stadial Analysis As a Sequence of Societal Growth Trajectories, Scottish Journal of Political Economy, 36:1, pp. 59-70.
Schultz, T. (1992). Adam Smith and Human Capital, in Fry M. (ed.), Adam Smith’s Legacy: His Place in the Development of Modern Economics, London: Routledge, pp. 133-143
Schumpeter, J. A. (1954). History of Economic Analysis. Oxford: Oxford University Press.
Smith, A. [1776] (1904). An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith, edited with an Introduction, Notes, Marginal Summary and an Enlarged Index by Edwin Cannan, London: Methuen, 2 Vols.
Solow, R. (1957). Technical Change and the Aggregate Production Function, Review of Economics and Statistics, 39: 3, pp. 312-320.
Solow, R. (1962). Technical Progress, Capital Formation, and Economic Growth, American Economic Review, 52:2, pp. 76-86.
Spengler, J. (1977). Adam Smith on Human Capital, American Economic Review, 67:1, pp. 32-36.
Teixeira, P. N. (2000). A Portrait of Economics of Education, 1960-1997, History of Political Economy (Annual Supplement), 31, pp. 257-287.
Science Publishing Group
1 Rockefeller Plaza,
10th and 11th Floors,
New York, NY 10020
Tel: (001)347-983-5186