Sylvia Nasar: The Discovery of Productivity Growth and the Welfare State (2/5)

The video explores the evolution of human capital and its impact on productivity, focusing on Marshall's economic theories and Beatrice Webb's contributions to social reform. Marshall emphasized education and skill acquisition as key to economic growth, contrasting with Marx's views. Webb, influenced by Herbert Spencer, advocated for evidence-based social reform, leading to the welfare state concept. Her ideas influenced political figures like Winston Churchill, resulting in early welfare legislation.

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