The role of human capital in economic development of the earliest Islamic period

Abstract

Purpose – The purpose of this paper is to provide explanation for the economic development of the earliest Islamic state. It focuses on the role of human capital as the most important element of this model and focuses on four dimensions of development of human personality in Islam: the incentive structure, rules of behavior, institutions and policies. Design/methodology/approach – A review and analysis of the measures and policies that Prophet of Islam and his successors adopted are made to arrive at the underlying economic model of development. Findings – The major finding is the role of human capital in the development of the economy at that time. Originality/value – The contribution of the paper is to identify the critical role of education and skills for the development of the economy at present.

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