Education and Human Capital

James Foreman-Peck () and Peng Zhou ()
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James Foreman-Peck: Cardiff University
Peng Zhou: Cardiff University

Chapter Chapter 8 in Applied Economics in Globalised Economies, 2025, pp 223-246 from Springer

Abstract: Abstract Education and human capital play a critical role in driving economic development and addressing global challenges. First, we focus on the measurement of human capital, the effects of education on productivity, and contributions to economic growth. The dual roles of education in skill acquisition and labour market signalling are explained by the human capital and the signalling models. We further examine how globalisation facilitates cross-border knowledge exchange, international student mobility, and innovation, while also presenting challenges such as brain drains and cultural homogenisation. The chapter evaluates the impact of education policies, such as public investment in schooling, vocational training, and higher education subsidies, on equity and economic outcomes. Empirical methods, like the perpetual inventory, are discussed for assessing human capital’s contribution to growth. By linking theory with policy and evidence, this chapter highlights the importance of education in building a competitive and inclusive global economy.

Keywords: Human capital; Education system; Return on education; Productivity; Signalling; Education economics (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-85621-1_8

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DOI: 10.1007/978-3-031-85621-1_8

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