The Incubator of Human Capital: The NBER and the Rise of the Human Capital Paradigm

26 Pages Posted: 30 Mar 2020

See all articles by Claudia Goldin

Claudia Goldin

Harvard University

Lawrence F. Katz

Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: March 2020

Abstract

The human capital construct is deep in the bones of economics and finds reference by many classical economists, even if they did not use the phrase. The term “human capital,” seldom mentioned in economics before the 1950s, increased starting in the 1960s and blossomed in the 1990s. The upsurge in NBER publications was even greater. Using EconLit codes from 1990 to 2019, the use of human capital among NBER books increased from 5% to 25%, whereas all economics books changed from 3% to 6%. For NBER working papers, 3% referenced human capital around 1990, but 10% have more recently. The figures for all economics articles are 4% and 6%. The NBER played an outsized role in the rise of the concept of human capital mainly because of the emphasis on empiricism at the NBER. We explore how the NBER was an incubator of human capital research and the ways human capital theory brought the NBER into the modern era of economics.

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Suggested Citation

Goldin, Claudia and Katz, Lawrence F., The Incubator of Human Capital: The NBER and the Rise of the Human Capital Paradigm (March 2020). NBER Working Paper No. w26909, Available at SSRN: https://ssrn.com/abstract=3563977

Claudia Goldin (Contact Author)

Harvard University ( email )

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Lawrence F. Katz

Harvard University - Department of Economics ( email )

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