Education has traditionally been viewed as an economic investment, a perspective that has strongly influenced policy agendas across the world. Yet this narrow focus on productivity often neglects education’s broader ethical, cultural, and social purposes. This study critically re-examines how the concept of human capital has evolved in higher education policy research from 2014 to 2024. Drawing on postmodern and intersectional perspectives, it explores how economic, cultural, and justice-oriented dimensions intersect in shaping contemporary understandings of education’s value. A systematic literature review was undertaken in line with established research protocols, analysing 43 peer-reviewed studies selected from 256 records. Bibliometric and network analyses were used to identify major thematic trends, influential authors, and institutional collaborations. Findings indicate that while the human capital framework remains dominant, recent scholarship has widened its scope to include social well-being, emotional development, and cultural participation. Evidence from varied national contexts shows that equity-oriented and context-responsive policies produce more sustainable and inclusive outcomes than market-driven approaches. The paper proposes a Tri-Anchor Framework connecting economic efficiency, cultural responsiveness, and intersectional equity, offering policymakers a conceptual tool to balance growth with inclusion. It concludes that higher education policy should move beyond productivity metrics towards advancing human flourishing, democratic participation, and long-term societal resilience.
Zhi Ma (Wed,) studied this question.
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