Explaining the philosophy of human capital theory affecting the economics of education

The purpose of this research is explaining the philosophy of human capital theory which is affecting on the economics of education. In this qualitative research, an attempt has been made to identify the components of human capital and the economics of education and to study their impact on each other theoretically. The statistical population has consisted of published sources in the fields of human capital theory and Economics of Education. Data has been collected by index cards of the library. The method of data analysis is descriptive-analytical and the model of Krippendorf has been followed. In this method, the steps of data unit coding, classification, extraction, data reduction, interpretation, analysis and inference have been performed respectively. The findings show that human capital consists of components of knowledge, skills, expertise, physical and mental health, which are called asset. This capital produces wealth in the face of work and employment as a productive force to produce or provide services. The economics of education consists of the components of cost-benefit, financing, cost-effectiveness, equity in budgeting, and the economic value of education. Human capital is also a factor of sustainable development. With this view on education, any investment in it will be cost-effective and profitable.