The economics of human development: ‘Investing in children’ or ‘children as an investment’? And why it matters
Year: 2024
Type: article
Abstract: Traditional Human Capital Theory (HCT) views ‘children as an investment’ and is concerned with how children can be turned into productive members of society. The Economics of Human Development (EHD) grew out of the HCT but positions itself closer to the Capability Approach (CA), where ‘investing in children’ means a social commitment to children's human development. The purpose of this article is to critically analyse the EHD and its actual positioning. It concludes that the EHD's approach is essentially the same as that of the HCT, paying attention to children insofar as they are the future adult workforce. Although having appropriated the terminology of the CA, the EHD reduces social problems to economic problems, ultimately promoting a social policy that puts economic returns ahead of human development.
Author: Liliana Fernandes
Institution: Universidade Católica Portuguesa
Language: English
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: hybrid
Estimated APC paid: $3,450
OpenAlex ID: W4401462363