The crisis of human capital theory and anti-crisis opportunities of cryptoeconomics

Abstract

The authors consider several evidences of the crisis state of the theory of human capital. Firstly, we are talking about the observed growth in the profitability of “non-human” capital in comparison with human capital in recent years. And secondly, we are talking about an increase in staff shortages with a growing education system and an increase in the cost of its services. These phenomena have no explanation in the classical theory of human capital. The authors, however, do not believe that these problems indicate the collapse of the theory of human capital. Looking at the problems of human capital in the context of the development of the crypto economy and the underlying distributed ledger technologies, they discover tools that can be used to resolve the crisis or, at least, mitigate its manifestations.