Bowles States Marxist Critique Of 'Human Capital' Labor View

The theory of economic production which depicts human beings as a form of capital is an "archetype of bourgeois ideology," legitimating and perpetuating inequality, racism, and discrimination in society, a prominent radical economist said yesterday.

Samuel S. Bowles, professor of Economics at UMass at Amherst, lecturing on political economy before an audience of 150 persons in Emerson Hall, criticized the human capital perspective of neoclassical economic theory on the grounds that it is "not a useful guide to policy."

"The theory understates the seriousness of social problems, it underestimates the capacity of society to solve these problems, and it depreciates the possibility of creating a better society through its depiction of human nature and the nature of technology," Bowles stated.

Labor as Capital

Human capital theory asserts that labor is a form of capital whose productive value may be enhanced through such "investments" as increased education, improved health, and on-the-job training.

Bowles said he objects to the theory's treatment of labor "as a commodity," to be bought and sold at will.

"Labor is not bought and sold," Bowles said, "what is bought and sold is labor power. This exchange is not a mechanical relation and is not court-enforceable."

He also criticized the human capital theory, "like the rest of neoclassical economics," for taking as "given" that social relations including the distribution of education and income, should be determined by market forces.

A Perpetual Class System

Bowles expressed further dissatisfaction over what he said was the theory's inability to recognize social relationships other than market relationships, and its role in perpetuating a class system in society.

In an interview after his address, Bowles described the future of radical economics as "very bright." He attributed the recent success of radical economics to the failure of neoclassical theory in solving current problems. "The actual facts of economic life are pushing our view forward," Bowles said.

Bowles, who formerly held an associate professorship in Economics at Harvard, was forced to leave the University last spring because of the Economics Department's decision not to grant tenure to the radical economist.