John Tomer's Reconceptualization of the Concept of Human Capital

John Davis

No 2021-04, Working Papers and Research from Marquette University, Center for Global and Economic Studies and Department of Economics

Abstract: This chapter examines John Tomer�s contributions to our understanding of the concept of human capital. Tomer criticized the standard mainstream view of the concept as narrowly focused on education and training and as seeing investments in human capital as having �an individual, cognitive, and machine-like nature.� A broader concept included attention to the people�s noncognitive development, and employed both social capital and personal capital concepts. This produces a more expansive view of human development, allows for a humanistic psychological perspective, and supports a multi-dimensional, Maslovian understanding of the hierarchy of human needs. Tomer framed his policy thinking regarding investments in human capital in terms of the goal of helping people become �smart� persons. He recognized that a barrier to accomplishing this is high levels of economic inequality. The chapter thus goes on to discuss how socially stratified societies generate economic inequality in regard to human capital investments, and how thinking in terms of people�s capabilities can help us advance progressive economic and social policies agendas.

Keywords: human capital; human development; social capital; personal capital; inequality; capabilities (search for similar items in EconPapers)
JEL-codes: A12 A13 B31 B55 J24 (search for similar items in EconPapers)
Date: 2021-05
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-pke
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Chapter: John Tomer’s Reconceptualization of the Concept of Human Capital (2022)
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