An effort was made to classify the contemporary models of economic growth, including the production factor – human capital. The models are identified according to the applied analysis approach, as well as according to the mechanism of the effect of the human factor on the growth. The focus is...

Human capital has been considered as a factor in the macroeconomic production function for the first time in the seminal work of Lucas (1988). Later on, it was also used as a regressor in the empirical analysis of Mankiw, Romer and Weil (1990). Over the past twenty years, economists have...