Human Capital

Human Capitalis 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 Tables
List of Charts
Preface to the Third Edition
Preface to the First Edition
Introduction to the Second Edition Introduction to the First Edition
Human Capital Revisited
Introduction
Education and Training
Human Capital and the Family
Human Capital and Economic Development
Conclusions
References
Theoretical Analysis
Investment in Human Capital: Effects on Earnings
On-the-Job Training General Training Specific Training
Schooling
Other Knowledge
Productive Wages Increases
Investment in Human Capital: Rates of Return
Relation between Earnings, Costs, and Rates of Return Addendum: The Allocation of Time and Goods over Time
The Incentive to Invest Number of Periods Wage Differentials and Secular Changes Risk and Liquidity Capital Markets and Knowledge
Some Effects of Human Capital Examples Ability and the Distribution of Earnings Addendum: Education and the Distribution of Earnings: A Statistical Formulation Addendum: Human Capital and the Personal Distribution of Income: An Analytical Approach Supplement: Estimating the Effect of Family Backgrounds on Earnings
Empirical Analysis
Rates of Return from College Education
Money Rates of Return to White Male College Graduates Returns in 1939 Costs in 1939 Rates of Return in 1939 Rates of Return in 1949
Some Conceptual Difficulties Correlation between "Ability" and Education Correlation between Education and Other Human Capital
Rates of Return to Other College Persons College Dropouts Nonwhites Women Rural Persons
Variation in Rates of Return
Underinvestment in College Education?
Private Money Gains
Social Productivity Gains
Private Real Rates
Rates of Return from High School Education and Trends over Time
The Rate of Return from High School Education
Trends in Rates of Return After 1939 Before 1939
Age, Earnings, Wealth, and Human Capital
Age-Earnings Profiles
Age-Wealth Profiles
Summary and Conclusions
Summary
Future Research
Concluding Comments
Economy-Wide Changes Introduction X. Human Capital and the Rise and Fall of Families
Introduction
Earnings and Human Capital Perfect Capital Markets Imperfect Access to Capital
Assets and Consumption
Fertility and Marriage
Empirical Studies
Summary and Discussion References
The Division of Labor, Coordination Costs, and Knowledge
Introduction
Division of Labor among Tasks
Coordination Costs
Knowledge and Specialization
Extent of the Market
The Growth in Specialization and Knowledge
The Division of Labor between Sectors: Teachers and Workers
Summary Appendix References
Human Capital, Fertility, and Economic Growth
Introduction
Basic Properties of the Model
Fertility and Growth
Comparative Advantage in the Production of Human Capital
Discussion
Concluding Remarks References
Appendixes
Sources and Methods
Incomes
The Basic Data
Under- and Overreporting
Unemployment
Coverage in 1939
Taxes
Urban-Rural Distribution
Hours of Work
Costs
Earnings of Students
Direct Private Costs
Direct Social Costs
Mathematical Discussion of Relation between Age, Earnings, and Wealth
Author Index
Subject Index
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Summary

Table of Contents

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