Özet:

The purpose of this study is to express that only physical capital is not sufficient as a capital factor in the economic development process. In the studies aimed at the economic development of the countries, it is emphasized that human capital is also a significant part. Traditional approaches say that there will be no long-term growth, that development can take place at the national income level and that it can take place through external technological development, population dynamics and physical capital investments. In these approaches, the growth effect occurs in the short term and in the long term only the level effect occurs. On the other hand, economic policies have no power to influence this process. When the economic policies presented by the theoretical approaches used began to remain insufficient in overcoming problems, new approaches containing human capital began to be considered.From the beginning of the 19th century in literature only physical capital was considered sufficient for economic development, especially from the middle of the 20th century, human capital began to draw attention to the solution of the problems that the countries experienced in the development process. Human capital accumulation primarily increases the efficiency of physical capital and also encourages technological advances. As a result of physical capital accumulation and human capital accumulation, increasing the efficiency of technological knowledge will contribute positively to economic growth in the long term, making the active public policies to be implemented more functional. However, physical capital investments cannot be neglected in economic development. Physical capital investments are necessary but not sufficient. Human capital investments can contribute to economic development through long-term private sector and planned public policies.

Anahtar Kelimeler: