The Economics of Education in Adam Smith’s “Wealth of Nations”

Stefano Spalletti

doi:doi:10.11648/j.jwer.20140305.12

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The Economics of Education in Adam Smith’s “Wealth of Nations”

Stefano Spalletti

Published in Journal of World Economic Research (Volume 3, Issue 5)

Received: 31 October 2014 Accepted: 11 November 2014 Published: 20 November 2014

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Abstract

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.

Published in	Journal of World Economic Research (Volume 3, Issue 5)
DOI	10.11648/j.jwer.20140305.12
Page(s)	60-64
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2014. Published by Science Publishing Group

Keywords

Adam Smith, Education, Human Capital

References

[1]	Becker, G., (1964). Human Capital. A Theoretical and Empirical Analysis, with Special Reference to Education, New York: Columbia University Press.
[2]	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.
[3]	Blaug, M. (2001). No History of Ideas, Please, We're Economists, Journal of Economic Perspectives, 15:1, pp. 145-164.
[4]	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.
[5]	Griliches, Z. (2001). R&D, Education, and Productivity: A Retrospective, Cambridge, Mass. and London: Harvard University Press.
[6]	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.
[7]	Page, A. (1971). L’économie de l’éducation, Paris, Presses Universitaires de France, 1971.
[8]	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.
[9]	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
[10]	Schumpeter, J. A. (1954). History of Economic Analysis. Oxford: Oxford University Press.
[11]	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.
[12]	Solow, R. (1957). Technical Change and the Aggregate Production Function, Review of Economics and Statistics, 39: 3, pp. 312-320.
[13]	Solow, R. (1962). Technical Progress, Capital Formation, and Economic Growth, American Economic Review, 52:2, pp. 76-86.
[14]	Spengler, J. (1977). Adam Smith on Human Capital, American Economic Review, 67:1, pp. 32-36.
[15]	Teixeira, P. N. (2000). A Portrait of Economics of Education, 1960-1997, History of Political Economy (Annual Supplement), 31, pp. 257-287.

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Stefano Spalletti. (2014). The Economics of Education in Adam Smith’s “Wealth of Nations”. Journal of World Economic Research, 3(5), 60-64. https://doi.org/10.11648/j.jwer.20140305.12

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Stefano Spalletti. The Economics of Education in Adam Smith’s “Wealth of Nations”. J. World Econ. Res. 2014, 3(5), 60-64. doi: 10.11648/j.jwer.20140305.12

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Stefano Spalletti. The Economics of Education in Adam Smith’s “Wealth of Nations”. J World Econ Res. 2014;3(5):60-64. doi: 10.11648/j.jwer.20140305.12

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@article{10.11648/j.jwer.20140305.12,
  author = {Stefano Spalletti},
  title = {The Economics of Education in Adam Smith’s “Wealth of Nations”},
  journal = {Journal of World Economic Research},
  volume = {3},
  number = {5},
  pages = {60-64},
  doi = {10.11648/j.jwer.20140305.12},
  url = {https://doi.org/10.11648/j.jwer.20140305.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20140305.12},
  abstract = {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.},
 year = {2014}
}

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TY  - JOUR
T1  - The Economics of Education in Adam Smith’s “Wealth of Nations”
AU  - Stefano Spalletti
Y1  - 2014/11/20
PY  - 2014
N1  - https://doi.org/10.11648/j.jwer.20140305.12
DO  - 10.11648/j.jwer.20140305.12
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
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PB  - Science Publishing Group
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AB  - 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.
VL  - 3
IS  - 5
ER  -

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Author Information

Stefano Spalletti

Dept. SPOCRI, University of Macerata, Macerata, Italy

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APA Style

Stefano Spalletti. (2014). The Economics of Education in Adam Smith’s “Wealth of Nations”. Journal of World Economic Research, 3(5), 60-64. https://doi.org/10.11648/j.jwer.20140305.12

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ACS Style

Stefano Spalletti. The Economics of Education in Adam Smith’s “Wealth of Nations”. J. World Econ. Res. 2014, 3(5), 60-64. doi: 10.11648/j.jwer.20140305.12

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AMA Style

Stefano Spalletti. The Economics of Education in Adam Smith’s “Wealth of Nations”. J World Econ Res. 2014;3(5):60-64. doi: 10.11648/j.jwer.20140305.12

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@article{10.11648/j.jwer.20140305.12,
  author = {Stefano Spalletti},
  title = {The Economics of Education in Adam Smith’s “Wealth of Nations”},
  journal = {Journal of World Economic Research},
  volume = {3},
  number = {5},
  pages = {60-64},
  doi = {10.11648/j.jwer.20140305.12},
  url = {https://doi.org/10.11648/j.jwer.20140305.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20140305.12},
  abstract = {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.},
 year = {2014}
}

Copy | Download

TY  - JOUR
T1  - The Economics of Education in Adam Smith’s “Wealth of Nations”
AU  - Stefano Spalletti
Y1  - 2014/11/20
PY  - 2014
N1  - https://doi.org/10.11648/j.jwer.20140305.12
DO  - 10.11648/j.jwer.20140305.12
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
SP  - 60
EP  - 64
PB  - Science Publishing Group
SN  - 2328-7748
UR  - https://doi.org/10.11648/j.jwer.20140305.12
AB  - 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.
VL  - 3
IS  - 5
ER  -

Copy | Download