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Smart Persons and Human Development: The Missing Ingredient in Behavioral Economics

In: Integrating Human Capital with Human Development

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  • John F. Tomer

Abstract

In chapters 2 and 3, the focus has been on human capital (HC): (1) how the conception of HC is far too limited, (2) how the concept of HC could be broadened and improved by integrating it with the concept of human development (HD), and (3) how a variety of types of investment in HC can foster people’s HD efforts and remedy their decision-making errors. In this chapter, the focus is on the human actor in economics. If economics were to incorporate a more human conception of HC, it would make a great deal of sense for economics to utilize an economic actor who is more fully human than has been the case in the past. In particular, it would be a considerable improvement if the stereotypical human in economics had many distinctly human capabilities that develop over time.

Suggested Citation

  • John F. Tomer, 2016. "Smart Persons and Human Development: The Missing Ingredient in Behavioral Economics," Palgrave Advances in Behavioral Economics, in: Integrating Human Capital with Human Development, chapter 0, pages 63-80, Palgrave Macmillan.
    • Handle: RePEc:pal:paichp:978-1-137-45674-8_4
    DOI: 10.1057/9781137456748_4
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