The birth of the economics of education is said to have occurred on 28 December 1960 in St Louis (Blaug, 1976). There Theodore Schultz (1961) delivered his lecture to the American Economic Association on the topic of ‘investment in human capital’. As is usual, the baby could be felt kicking for a little while before its true birth: in the UK, work by Vaizey (1958) and Wiseman (1959) are early landmarks. So the subject is a relatively new one.
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- Blaug, M. (1976) ‘The empirical study of human capital theory: a slightly jaundiced survey’, Journal of Economic Literature, 14, 827–55.Google Scholar
- Schultz, T. (1961) ‘Investment in human capital’, American Economic Review, 51, 1–17.Google Scholar
- Vaizey, J. (1958) The Costs of Education (London: Allen & Unwin).Google Scholar