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In his 1964 book Human capital theories Becker introduced the economic concept of human capital. This book is now a classic in economy research and Becker went on to become a defining proponent of the Chicago school of economics. The book was republished in 1975 and 1993. Becker considered labor economics to be part of capital theory.
One of his main contributions was later called Human Capital Theory, which he formulated with the help of Gary Becker and Jacob Mincer. [9] Schultz coined this theory in his book titled Investment in Human Capital; however, he experienced negative feedback from other economists.
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. [1] Human capital has a substantial impact on individual earnings. [2]
Mincer was considered by many to be a father of modern labor economics. [1] [2] As a leading member of a group of economists known as the Chicago School of Economics, Mincer and Nobel Laureate Gary Becker helped to develop the empirical foundations of human capital theory, consequently revolutionizing the field of labor economics.
The institute supports research initiatives in traditional Chicago strengths such as price theory, law and economics, and human capital, as well as topical inquiries into important policy issues such as fiscal imbalance, systemic risk, policy uncertainty, and economics of the family, and newer areas like field experiments in economics.
Human Capital Theory states that the knowledge, experience and skills of employees are developed through processes of advanced education, training and development and job changes (Tharenou, 1997). Human capital acquisition through learning and job satisfaction increases the ability of a workforce to perform effectively (Michael et al., 2000 ...
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Theodore W. Schultz captured aspects of family that are important for the whole economy and that were emphasized by Becker and Mincer, the founders of the NHE: the production of human capital in the form of investing in children, the maintenance of adults' human capital, the way members of family allocate their time between market and household ...