The "new" economics of education replaces the "old" economics expressed in human capital theory, which viewed education as contributing to individual enhancement and ultimately to economic betterment. The "old" economics foundered on the rising levels of youth unemployment, a result of declining productivity and…

Australian public policy adopted the concept of lifelong learning in the 1980s and harnessed it to human capital theory to articulate a new policy emphasis on "up-skilling" the Australian labour force. This paper addresses the question of how this conception of lifelong learning has fared in practice as Australian Commonwealth government…