Human Capital – Gary S. Becker – 3rd Edition


Human Capital is 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.

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  • I. Introduction to the Second Edition
    Introduction to the First Edition

    II. Human Capital Revisited
    1. Introduction
    2. Education and Training
    3. Human Capital and the Family
    4. Human Capital and Economic Development
    5. Conclusions
    6. References

    Part One: Theoretical Analysis
    III. Investment in Human Capital: Effects on Earnings
    1. On-the-Job Training
    - General Training
    - Specific Training
    2. Schooling
    3. Other Knowledge
    4. Productive Wages Increases

    IV. Investment in Human Capital: Rates of Return
    1. Relation between Earnings, Costs, and Rates of Return
    - Addendum: The Allocation of Time and Goods over Time
    2. The Incentive to Invest
    - Number of Periods
    - Wage Differentials and Secular Changes
    - Risk and Liquidity
    - Capital Markets and Knowledge
    3. 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

    Part Two: Empirical Analysis
    V. Rates of Return from College Education
    1. 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
    2. Some Conceptual Difficulties
    - Correlation between "Ability" and Education
    - Correlation between Education and Other Human Capital
    3. Rates of Return to Other College Persons
    - College Dropouts
    - Nonwhites
    - Women
    - Rural Persons
    4. Variation in Rates of Return

    VI. Underinvestment in College Education?
    1. Private Money Gains
    2. Social Productivity Gains
    3. Private Real Rates

    VII. Rates of Return from High School Education and Trends over Time
    1. The Rate of Return from High School Education
    2. Trends in Rates of Return
    - After 1939
    - Before 1939

    VIII. Age, Earnings, Wealth, and Human Capital
    1. Age-Earnings Profiles
    2. Age-Wealth Profiles

    IX. Summary and Conclusions
    1. Summary
    2. Future Research
    3. Concluding Comments

    Part Three: Economy-Wide Changes
    - Introduction
    X. Human Capital and the Rise and Fall of Families, by Gary S. Becker and Nigel Tomes
    1. Introduction
    2. Earnings and Human Capital
    Perfect Capital Markets
    Imperfect Access to Capital
    3. Assets and Consumption
    4. Fertility and Marriage
    5. Empirical Studies
    6. Summary and Discussion
    - References

    XI. The Division of Labor, Coordination Costs, and Knowledge, by Gary S. Becker and Kevin M. Murphy
    1. Introduction
    2. Division of Labor among Tasks
    3. Coordination Costs
    4. Knowledge and Specialization
    5. Extent of the Market
    6. The Growth in Specialization and Knowledge
    7. The Division of Labor between Sectors: Teachers and Workers
    8. Summary
    - Appendix
    - References

    XII. Human Capital, Fertility, and Economic Growth, by Gary S. Becker, Kevin M. Murphy, and Robert Tamura
    1. Introduction
    2. Basic Properties of the Model
    3. Fertility and Growth
    4. Comparative Advantage in the Production of Human Capital
    5. Discussion
    6. Concluding Remarks
    - References

    A. Sources and Methods
    1. Incomes
    a. The Basic Data
    b. Under- and Overreporting
    c. Unemployment
    d. Coverage in 1939
    e. Taxes
    f. Urban-Rural Distribution
    g. Hours of Work
    2. Costs
    a. Earnings of Students
    b. Direct Private Costs
    c. Direct Social Costs
    B. Mathematical Discussion of Relation between Age, Earnings, and Wealth
    - Author Index
    - Subject Index
  • Citation
    • Full Title: Human Capital
    • Author/s:
    • ISBN-10: 0226041204
    • ISBN-13: 9780226041209
    • Edition: 3rd Edition
    • Publication date: 1994
    • Topic: Business
    • Subtopic: Human Resources
    • File Type: eBook
    • Idioma: English

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