Theodore Schultz maintained that "classical economics" was deficient in understanding the value of human capital.

Question

Quizplus · Accepted Answer

Theodore Schultz, a Nobel Prize-winning economist, argued that classical economics did not fully recognize the importance of human capital (the knowledge, skills, and abilities possessed by individuals) in economic growth and development. He believed that investments in human capital, such as education and training, were essential for long-term economic success.

Theodore Schultz Maintained That "Classical Economics" Was Deficient in Understanding