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This report is part of a research program managed by Canadian Policy Research Networks (CPRN), the School of Policy Studies at Queen’s University (SPS), and Statistics Canada. The program aimed to advance current understanding of: the factors contributing to human capital development (HCD); the connections between the acquisition of human capital and individual and societal outcomes; and the policy implications of these relationships. The program synthesised recent research on HCD in seven different academic disciplines (economics, sociology, psychology, education, public health, economic geography and political science). In each of the seven resulting synthesis reports, the authors identified areas for new research, in particular research that would cross disciplinary boundaries. This report surveys recent advances in knowledge about the consequences of human capital for individual and social outcomes, with a particular focus on recent developments in the economics discipline. The first section provides brief overviews of the leading theories that attempt to explain the linkages between human capital formation and labour market and social outcomes as background for remainder of the paper, which examines the empirical evidence on the relationship between human capital and individual and social outcomes. The author finds the effects of increased educational attainment on earnings is even larger than previously believed, especially for those with relatively low levels of education. The social benefits, in terms of things like increased civic participation, improved health and lower crime are also substantial. These findings justify government support for post-secondary education, providing better information on its impact and raising the age of compulsory schooling.