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:
“A man at work, making something which he feels will exist because he is working at it and wills it, is exercising the energies of his mind and soul as well as of his body. Memory and imagination help him as he works. Not only his own thoughts, but the thoughts of the men of past ages guide his hands; and, as part of the human race, he creates. If we work thus we shall be men, and our days will be happy and eventful.”
—William Morris (1834–1896)
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—Henry David Thoreau (1817–1862)