Human Capital
Becker's research was fundamental in arguing for the augmentability of human capital. When his research was first introduced it was considered very controversial as some considered it debasing. However, he was able to convince many that individuals make choices of investing in human capital based on rational benefits and cost that include a return on investment as well as a cultural aspect.
His research included the impact of positive and negative habits such as punctuality and alcoholism on human capital. He explored the different rates of return for different people and the resulting macroeconomic implications. He also distinguished between general to specific education and their influence on job-lock and promotions.
Read more about this topic: Gary Becker
Famous quotes containing the words human and/or capital:
“Certainly the effort to remain unchanged, young, when the body gives so impressive a signal of change as the menopause, is gallant; but it is a stupid, self-sacrificial gallantry, better befitting a boy of twenty than a woman of forty-five or fifty. Let the athletes die young and laurel-crowned. Let the soldiers earn the Purple Hearts. Let women die old, white-crowned, with human hearts.”
—Ursula K. Le Guin (b. 1929)
“A good many have been thrown out on their broad capital bases.”
—John Dos Passos (1896–1970)