Lost and Wasted Human Capital – How Transformations of Family, Socialization, and Population Control Influence Welfare and Well-Being

This paper analyzes the influence of the transformations of marriage and family on the human capital (HC) creation in contemporary Western societies. One of the basic assumptions included here is that these processes are connected with profound socio-cultural shifts that were initiated in the 20th century, and were manifested e.g. through the sexual revolution of the 1968.

According to the thesis of the paper, it is necessary to point at this complex and multidimensional changes to understand why and how the West is losing its HC, which is followed by decrease in well-being and welfare at the same time. This important and alarming problem is illustrated by the analysis of the impact of abortion on the U.S. society and economy.

The paper contributes in an innovative way to the research on the quality and quantity of HC, which becomes a more and more valued factor of socio-economic development.

The analyses undertaken here engage the contribution of research on HC and family from such disciplines as economics, sociology, psychology, and cultural studies.