Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education
Human Capital is Becker's classic study of how investment in an individual's education and training is similar to business investments in equipment. Recipient of the 1992 Nobel Prize in Economic Science, Gary S. Becker is a pioneer of applying economic analysis to human behavior in such areas as discrimination, marriage, family relations, and education. Becker's research on human capital was considered by the Nobel committee to be his most noteworthy contribution to economics.
This expanded edition includes four new chapters, covering recent ideas about human capital, fertility and economic growth, the division of labor, economic considerations within the family, and inequality in earnings.
"Critics have charged that Mr. Becker's style of thinking reduces humans to economic entities. Nothing could be further from the truth. Mr. Becker gives people credit for having the power to reason and seek out their own best destiny."—Wall Street Journal
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ability accumulation adjusted amount invested analysis assets assumed average Becker capital market Census cent Chapter Chart coefficient coefficient of variation cohort college and high-school college dropouts college education college graduates consumption correlation decline demand curves depends developed discussion distribution of earnings division of labor dropouts earning differentials economic effect elasticity empirical endowments equal equation equilibrium estimates example expenditures families fertility firms foregone earnings fraction function gain greater growth high-school graduates higher human capital implies incentive income increase inequality investment in human investment period Jacob Mincer Journal of Political knowledge labor force less lower marginal product marginal rates measure Mincer monopsony NBER nonwhites on-the-job training parents persons physical capital Political Economy present value profiles rate of return ratio regression relative rise school graduates sector skewed skills social specialization specific training supply curves Table tend theory tion United variation wealth white male workers