What is the connection between education and the economy?

For many neoclassical economists, the connection is found in Human Capital theory. My guest today, Professor Steve Klees, thinks human capital theory and rates of return analyses are very problematic.

In our conversation today, Steve talks about his new article, “Human Capital and Rates of Return: Brilliant Ideas or ideological dead ends?”, which can be found in the latest issue of the Comparative Education Review. He takes us through human capital theory, its internal logical fallacies, and proposes a set of alternatives.

Steve Klees is professor of International Education Policy in the College of Education, University of Maryland.