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:
“Everyone wants to be innocent at all costs, even if that means accusing the human race and the heavens.”
—Albert Camus (1913–1960)
“No wealth can buy the requisite leisure, freedom, and independence which are the capital in this profession. It comes only by the grace of God. It requires a direct dispensation from Heaven to become a walker. You must be born into the family of the Walkers. Ambulator nascitur, non fit.”
—Henry David Thoreau (1817–1862)