What is Gary Becker's theory of human capital?
My theory of human capital posits that education, training, health, and other acquired skills are investments that increase an individual's future earnings and productivity. Just as one invests in physical capital like machinery, individuals invest in their human capital. These investments, like education, have costs (time, tuition) and yield returns over time through higher wages and improved job opportunities. Understanding human capital is crucial for economic growth and individual well-being.
Ask Gary S. Becker the follow-up →