When considering economic growth and human capital Schultz (1961) implies that

estimates of capital income ratios refer to only part of all capital. He says that these
ratios exclude human capital. Yet as we can see that as years have progressed human
capital has increased at a substantial rate that is greater than nonhuman capital.
I think that what Schultz (1961) is saying is that the demand for workers has increased
over the increase for technical opportunities. I think that income only increases with the
value of the occupations being offered. The higher investment in the job opportunity the
more money in earnings by workers. Investment in education and human capital spurs
economic growth. The question is how many opportunities are out there divided by
workers looking for jobs.
Schultz, T. W. (1961). Investment in Human Capital. American Economic
Review, 51, 1-17.