Universidad Cardenal Herrera-CEU Departamento Derecho Privado y Disciplina Jurídicas Básicas An Economic Personalist Perspective on Human Capital: A Compared Anthropological Interpretation TESIS DOCTORAL Presentada por: Luca Sandonà Dirigida por: Prof. Dr. Stefano Solari Prof. Dr. Juan Nave Pineda Prof. Dr. Gerez Kramer VALENCIA 2010 TESIS DOCTORAL Luca Sandonà 2010 An Economic Personalist Perspective on Human Capital: A Compared Anthropological Interpretation Index Index of Figures Index of Tables Index of Formula Sintesi Presentation , by Stefano Solari, p. i Prefazione , p. 25 Introduzione , p. 31 First Section. Human Capital in the Classical School: An Embryonic Concept Chapter 1. Human Capital in the Italian Classical School: Interiorization of Moral Values and Practice of Civic Virtues 1) Introduction, p. 37 2) Human Capital in the Meridional Classical School, p.38 3) Human Capital in the First Generation of the Lombard- Venetian School, p. 43 4) Human Capital in the Second Generation of the Lombard-Venetian School, p. 46 5) Conclusions, p. 51 Chapter 2. Human Capital in the English Classical School: The Introduction of the “Homo Economicus” Paradigm 1) Introduction, p. 55 2) Human Capital in Smith, p. 56 2.1) Smith’s Human Capital and the Division of Labour, p. 60 2.2) Smith’s Human Capital and Social Control, p. 62 2.3) Smith’s Human Capital and Workers’ Training, p. 64 2.4) Smith’s Human Capital and the University System, p. 65 An Economic Personalist Perspective on Human Capital: A Compared Anthropological Interpretation 3) Human Capital in Ricardo, p. 68 4) Human Capital in Malthus, p. 70 5) Human Capital in McCulloch, p. 71 6) Human Capital in Senior, p. 73 7) Human Capital in J.S. Mill, p. 76 7.1) J.S. Mill’s Human Capital in On Liberty , p. 79 7.2) J.S. Mill’s Human Capital in Utilitarianism , p. 80 8) Conclusions, p. 81 Chapter 3. Human Capital in the French Classical School: A Liberalist Perspective versus a Socialist One 1) Introduction, p. 83 2) Human Capital in the French Classical Liberal School, p. 83 3) Human Capital in the French Classical Socialist School, p. 86 4) Conclusions, p. 87 Chapter 4. Human Capital in the Marxist Critique to Classical School: A Materialist Anthropology , p. 89 Second Section. Human Capital in the Marginalist School: A Developed Concept Chapter 1. Human Capital in the English Marginalist School: A Utility-Based Stock 1) Introduction, p. 93 2) Human Capital in Jevons, p. 98 3) Human Capital in Sidgwick, p. 100 4) Human Capital in Marshall, p. 102 5) Conclusions, p. 104 Chapter 2. Human Capital in the Austrian Marginalist School: An Evolutionary Approach 1) Introduction, p. 107 2) Human Capital in von Mises, p. 108 2.1) Von Mises’s Human Capital in Sozialismus , p. 109 2.2) Von Mises’s Human Capital in Human Action , p. 112 An Economic Personalist Perspective on Human Capital: A Compared Anthropological Interpretation 3) Human Capital in Schumpeter, p. 115 3.1) Schumpeter’s Human Capital in the Young Trilogy, p. 116 3.2) Schumpeter’s Human Capital in the Mature Trilogy, p. 119 4) Human Capital in von Hayek, p. 122 4.1) Von Hayek’s Human Capital before The Sensory Order , p. 124 4.2) Von Hayek’s Human Capital in The Sensory Order , p. 127 4.3) Von Hayek’s Human Capital after The Sensory Order , p. 129 5) Conclusions, p. 132 Chapter 3. Human Capital in the Chicago Marginalist School: The Mainstream Theory 1) Introduction, p. 135 2) Human Capital in the Literature of the “Residual of Ignorance”, p. 137 3) Human Capital in Mincer, p. 138 4) Human Capital in Schultz, p. 141 5) Human Capital in Becker, p. 144 6) Human Capital in Arrow, p. 150 7) Human Capital in the Theory of Endogenous Growth, p. 152 8) Conclusions, p. 153 Chapter 4. Human Capital in the Alternative Approaches to Marginalist Schools: Some Interesting Insights 1) Introduction, p. 157 2) Human Capital in the German Ethical School, p. 157 3) Human Capital in the Heterodox Schools of Measurement, p. 159 3.1) Human Capital in the School of the Retrospective Method, p. 159 3.2) Human Capital in the School of the Prospective Method, p. 162 4) Human Capital in the OECD, p. 165 5) Human Capital in the School of Capabilities, p. 168 An Economic Personalist Perspective on Human Capital: A Compared Anthropological Interpretation 5.1) Human Capital in the School of Capabilities: Philosophical Aspects, p. 169 5.2) Human Capital in the School of Capabilities: Microeconomic Aspects, p. 172 5.3) Human Capital in the School of Capabilities: Macroeconomic Aspects, p. 176 6) Conclusions, p. 179 Third Section. Human Capital in the Personalist School: An Interesting Perspective Chapter 1. Human Capital and the Concept of Person 1) Introduction, p.183 2) The Ethimological Meaning of the Word Person, p. 183 3) The Concept of Person versus that of Individual, p. 186 4) Conclusions, p. 191 Chapter 2. Human Capital in the Neo-Thomist Movement and in Pope Leo XIII: The View of Social Catholicism 1) Introduction, p. 195 2) Human Capital in von Ketteler, p. 196 3) Human Capital in Tapparelli d’Azeglio S.J., p. 200 4) Human Capital in Liberatore S.J., p. 204 5) Human Capital in Pope Leo XIII, p. 206 6) Conclusions, p. 209 Chapter 3. Human Capital in the Catholic Solidarism and in Pope Pius XI and Pope Pius XII: The Dawn of the “Third Way” 1) Introduction, p. 211 2) Human Capital in Toniolo, p. 212 An Economic Personalist Perspective on Human Capital: A Compared Anthropological Interpretation 2.1) Toniolo’s Human Capital and the Economic Epistemology, p. 214 2.2) Toniolo’s Human Capital and Capitalism, p. 216 2.3) Toniolo’s Human Capital and Socialism, p. 218 2.4) Toniolo’s Human Capital and Political Democracy, p. 220 3) Human Capital in Pesch SJ, p. 221 3.1) Pesch’s Human Capital and Economic Epistemology, p. 222 3.2) Pesch’s Human Capital and Solidarism, p. 226 4) Human Capital in Pope Pius XI, p. 228 5) Human Capital in Pope Pius XII, p. 230 6) Conclusions, p. 232 Chapter 4. Human Capital in the Community Personalism and in Pope John XXIII and in Pope Paul VI: An Integral Anthropology 1) Introduction, p. 235 2) Human Capital in Cardinal Pavan, p. 237 2.1) Cardinal Pavan’s Human Capital and the Social Architecture, p. 239 2.2) Cardinal Pavan’s Human Capital and the Economic Order, p. 242 3) Human Capital in Vito, p. 244 3.1) Vito’s Human Capital and the Coordination of Economy, p. 246 3.2) Vito’s Human Capital in his Plan of Reform of Italian Education System, p. 249 4) Human Capital in Pope John XXIII, p. 251 5) Human Capital in Mounier, p. 253 6) Human Capital in Maritain, p. 255 7) Human Capital in Pope Paul VI, p. 257 8) Conclusions, p. 260 An Economic Personalist Perspective on Human Capital: A Compared Anthropological Interpretation Chapter 5. Human Capital in the Contemporaneous Principal Catholic Schools of Economic Thought and in Pope John Paul II and in Pope Benedict XVI: A Love-Based Anthropology 1) Introduction, p. 263 2) Human Capital in Pope John Paul II, p. 263 2.1) Pope John Paul II’s Human Capital in Laborem Exercens , p. 264 2.2) Pope John Paul II’s Human Capital in Sollicitudo Rei Socialis and in Centesimus Annus , p. 266 3) Human Capital in the American Neo-Conservative School, p. 269 4) Human Capital in the American Personalist School, p. 273 5) Human Capital in the Italian School of Civil Economy, p. 278 6) Human Capital in Pope Benedict XVI, p. 281 7) Conclusions, p. 285 Conclusioni , p. 287 Empirical Appendix Preface, p. 293 1) Introduction, p. 293 2) Theoretical Analysis of the Venice HAI, p. 295 2.1) Point of Analysis of the Venice HAI, p. 296 2.2) The Economic Thought Beyond the Venice HAI, p. 297 2.3) Methodological Imprinting of the Venice HAI, p. 298 3) Empirical Analysis of the Venice HAI, p. 300 3.1) Precedent Models of the Venice HAI, p. 300 3.2) The Venice HAI Model, p. 303 An Economic Personalist Perspective on Human Capital: A Compared Anthropological Interpretation 3.3) Content of Quasi-Structured Interview Used in the Venice HAI, p. 304 3.4) Codification of Qualitative Data of the Venice HAI, p. 307 3.5) Cluster Analysis of Venice HAI, p. 308 4) Our Development of the Venice HAI within a Personalist Perspective, p. 312 4.1) Proposals of Ethical Parameters of Human Capital, p. 313 4.2) Human Capital as a Latent-Variable depending from Ethics, p. 316 5) Conclusions, p. 317 References , p. 319 Documents of the Catholic Church , p. 372 Index of Figures n° 1: The Trend of Total Utility Function and Marginal Utility Function, p. 95 n° 2: The Trend of Individual Wages in the Working Lifetime based on Stock of Training, p. 149 n° 3: Kaplan’s and Norton’s (2000) Balanced Scorecard Model, p. 301 n° 4: Edvisson’s and Malone’s (1997) Skandia Navigator Model, p. 302 n° 5: Graphic Representation of Cluster Analysis Results, p. 309 n° 6: Ethics and Human Capital, p. 313 Index of Tables n° 1: Sveiby’s (1997) Intangible Asset Monitor, p. 303 An Economic Personalist Perspective on Human Capital: A Compared Anthropological Interpretation n° 2: Dataset of Cluster Analysis, p. 310 Index of Formula n° 1: Total Utility Function, p. 94 n° 2: Marginal Utility Function, p. 94 n° 3: Mincer’s (1964) Differential Wages Equation/1, p.