Education as investment? A comparison of the capability and social investment approaches to education policy

This chapter compares the role of education policy in social investment and the capability approach. Based on an analysis of the document 'Rethinking Education: Investing in skills for better socio-economic outcomes' adopted by the European Commission in 2012 (and cited in the 'Social Investment Package'), we argue that the role of educational policy in social investment is mainly that of fostering the right skills for the flourishing of the economy and thus of improving people's productivity as workers. In contrast, the capability approach allows emphasizing the contribution of education not only to workers' employability but also to citizens' autonomy as well as to democratic citizenship. From this viewpoint, the capability approach could improve the normative basis of social investment, allowing to broaden the perspective on education policy beyond the one centred on human capital that currently informs social investment.