Human Capital A Theoretical and Empirical Analysis, with Special Reference to Education

ISBN-10: 0226041204

ISBN-13: 9780226041209

Edition: 3rd 1993

Authors: Gary S. Becker

List price: $31.00
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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
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Book details

List price: $31.00
Edition: 3rd
Copyright year: 1993
Publisher: University of Chicago Press
Publication date: 3/14/1994
Binding: Paperback
Pages: 412
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 1.804
Language: English

Gary S. Becker (1930-2014) was University Professor at the University of Chicago with a joint appointment in both the economics and sociology departments. He was the author of many books, including Human Capital: A Theoretical and Empirical Analysis and The Economics of Discrimination. He collaborated with Richard Posner on the Becker-Posner Blog, which formed the basis for their book Uncommon Sense: Economic Insights, from Marriage to Terrorism. Becker was awarded the Nobel Prize in Economics in 1992 and the Presidential Medal of Freedom in 2007.

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
Education and Training
Human Capital and the Family
Human Capital and Economic Development
Theoretical Analysis
Investment in Human Capital: Effects on Earnings
On-the-Job Training General Training Specific Training
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
Future Research
Concluding Comments
Economy-Wide Changes Introduction
Human Capital and the Rise and Fall of Families, by Gary S. Becker and Nigel Tomes
Earnings and Human Capital Perfect Capital Markets Imperfect Access to Capital
Assets and Consumption
Fertility and Marriage
Empirical Studies
Summary and Discussion
The Division of Labor, Coordination Costs, and Knowledge, by Gary S. Becker and Kevin M. Murphy
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
Human Capital, Fertility, and Economic Growth, by Gary S. Becker, Kevin M. Murphy, and Robert Tamura
Basic Properties of the Model
Fertility and Growth
Comparative Advantage in the Production of Human Capital
Sources and Methods
The Basic Data
Under- and Overreporting
Coverage in 1939
Urban-Rural Distribution
Hours of Work
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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