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Das Human-Kapital: A Theory of the Demise of the Class Structure

Oded Galor and Omer Moav
The Review of Economic Studies
Vol. 73, No. 1 (Jan., 2006), pp. 85-117
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/3700618
Page Count: 33
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Das Human-Kapital: A Theory of the Demise of the Class Structure
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Abstract

This paper suggests that the demise of the capitalists-workers class structure was a socio-economic transformation orchestrated by the capitalists in reaction to the increasing importance of human capital in sustaining their profit rates. Physical capital accumulation in the process of industrialization enhanced the importance of human capital in production and generated incentives for capitalists to support the provision of public education for the masses, triggering the demise of the existing class structure. The implications of the theory are consistent with the voting patterns on England's education reform of 1902.

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