Development and Underdevelopment in the History of Economic Thought

The economic literature on education as the driving force of development

Perrotta Cosimo, University of Salento

Since the early 19th century many economists are convinced that education is the real driving force of development. This idea however did not change the classical analysis on accumulation, because it contrasted with some of their postulates:the tendency of wages to the subsistence level and the divsion between wage- and luxury-goods. Marshall gave much importance to the role of education in long-run development. However, Keynes neglected education and skill as a means to ovecome the crisis. Schultz and Becker did appreciated the importance of education, but did not have a clear-cut perspective of an indefinite development based on education and skill.

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Keywords: education, human capital, development, skill

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