Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education
Human Capital is Becker's classic study of the consequences of investing in a person's knowledge and skills. According to his theory, investment in an individual's education and training is similar to business investments in equipment. Becker looks at the economic effects of investment in education on employment and earnings, and shows how his theory measures the incentive for such investment. The human capital approach also allows for determining the costs and returns from college and high...
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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
List of TablesList of ChartsPreface to the Third EditionPreface to the First EditionIIntroduction to the Second Edition3IIHuman Capital Revisited15IIIInvestment in Human Capital: Effects on Earnings29IVInvestment in Human Capital: Rates of Return59VRates of Return from College Education161VIUnderinvestment in College Education?205VIIRates of Return from High School Education and Trends Over Time215VIIIAge, Earnings, Wealth, and Human Capital228IXSummary and Conclusions245XHuman Capital and the Rise and Fall of Families257XIThe Division of Labor, Coordination Costs, and Knowledge299XIIHuman Capital, Fertility, and Economic Growth323App. A. Sources and Methods351App. B. Mathematical Discussion of Relation Between Age, Earnings, and Wealth370Author Index377Subject Index381
