Notes, Observations from Piketty's book; Reframing Growth/GDP to include Human Capital;

• In Event: 473 - Section on Political Economy of the World-System Roundtables (one-hour)
  In Refereed Roundtable: Table 06. Tourism and Human Capital

Abstract

Stagnation flowing from the framing of growth and GDP as being composed of various components including savings and investment but not including human capital which it is argued, is partially equivalent to “labor” and wages. This view that the concept and definition of GDP (and Piketty's notion of growth) do not include any attempt to estimate or include (or maximize) the value of human capital, is also suggested by the late great economist, who may someday also be considered a sociologist, as was Max Weber, John Kenneth Galbraith and by the US Bureau of Labor Statistics as recently as 2012.

costs associated with public and private schools at all levels, as well as those associated with colleges and universities, tend not to be included under the heading of what would or should be “investments in human capital”

Authors

• Andreas Daniel Fogg, Independent Scholar

• David (Jed) D. Schwartz, Independent Scholar