ABSTRACT
This chapter argues that the concept of human capital was developed for two basic reasons: conceptual and mental transformation and the urge for quantification. It examines in particular the perspective of Islamic economic jurisprudence. The main importance of the subject comes from the fact that human capital is connected to some other concepts, such as the means of production. The chapter focuses on the development of the concept of human capital in mainstream economics. It shows that labor–capital relationship and the concept of human capital in Islamic literature. In Islamic literature, the focus on labor dates back to the Middle Ages. It is commonly argued that Ibn Khaldun is the first scholar in the history of economic thought who stated labor to be the main source of value. The focus on labor in Islamic literature continued after Ibn Khaldun. One can see T. Azid’s survey regarding the concept and nature of labor throughout Islamic history.
