Human Capital in Valenzuela Feijóo: Neoclassical foundations with Marxist terms

Abstract

Within his extensive work, José Valenzuela Feijóo, acknowledged as a critical Marxist, has dealt with the topic of human capital. Adhering himself to the neoclassical tradition, years of formal education determine the qualification of labor power. Thereby, he reproduces the schooling model of Jacob Mincer. According to Gary Becker, human capital entails a cost for its production, represented by inputs of goods. In Valenzuela Feijóo the qualification of labor power requires the expenditure of social labor in the form of goods. In his writings, human capital appears under the name of qualification. A repeated attempt to demonstrate an equivalence between the qualification of labor power and complex labor in Marx, is unsuccessful. His purpose of substituting foundations of Marxism with tenets of human capital theory proves to be fruitless.