Human Capital,9780226041209

Human Capital

by
Edition: 3rd
ISBN13: 9780226041209
ISBN10: 0226041204
Format: Paperback
Pub. Date: 1994-03-14
Publisher(s): Univ of Chicago Pr
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Summary

"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. "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

Table of Contents

List of Tables
xiii
List of Charts
xvii
Preface to the Third Edition xix
Preface to the First Edition xxi
Introduction to the Second Edition
3(12)
Introduction to the First Edition
11(4)
Human Capital Revisited
15(14)
Introduction
15(2)
Education and Training
17(4)
Human Capital and the Family
21(2)
Human Capital and Economic Development
23(2)
Conclusions
25(1)
References
25(4)
Part One: Theoretical Analysis
Investment in Human Capital: Effects on Earnings
29(30)
On-the-Job Training
30(21)
General Training
33(7)
Specific Training
40(11)
Schooling
51(2)
Other Knowledge
53(1)
Productive Wage Increases
54(5)
Investment in Human Capital: Rates of Return
59(102)
Relation Between Earnings, Costs, and Rates of Return
59(26)
Addendum: The Allocation of Time and Goods over Time
70(15)
The Incentive to Invest
85(10)
Number of Periods
85(4)
Wage Differentials and Secular Changes
89(2)
Risk and Liquidity
91(1)
Capital Markets and Knowledge
92(3)
Some Effects of Human Capital
95(66)
Examples
95(2)
Ability and the Distribution of Earnings
97(5)
Addendum: Education and the Distribution of Earnings: A Statistical Formulation
102(6)
Addendum: Human Capital and the Personal Distribution of Income: An Analytical Approach
108(23)
Supplement: Estimating the Effect of Family Background on Earnings
131(30)
Part Two: Empirical Analysis
Rates of Return from College Education
161(44)
Money Rates of Return to White Male College Graduates
162(9)
Returns in 1939
162(4)
Costs in 1939
166(2)
Rates of Return in 1939
168(1)
Rates of Return in 1949
169(2)
Some Conceptual Difficulties
171(12)
Correlation between ``Ability'' and Education
171(10)
Correlation between Education and Other Human Capital
181(2)
Rates of Return to Other College Persons
183(12)
College Dropouts
183(3)
Nonwhites
186(6)
Women
192(2)
Rural Persons
194(1)
Variation in Rates of Return
195(10)
Underinvestment in College Education?
205(10)
Private Money Gains
205(3)
Social Productivity Gains
208(4)
Private Real Rates
212(3)
Rates of Return from High School Education and Trends over Time
215(13)
The Rate of Return from High School Education
215(4)
Trends in Rates of Return
219(9)
After 1939
219(4)
Before 1939
223(5)
Age, Earnings, Wealth, and Human Capital
228(17)
Age-Earnings Profiles
230(7)
Age-Wealth Profiles
237(8)
Summary and Conclusions
245(12)
Summary
245(3)
Future Research
248(3)
Concluding Comments
251(4)
Part Three: Economy-Wide Changes
Introduction
255(2)
Human Capital and the Rise and Fall of Families, by Gary S. Becker and Nigel Tomes
257(42)
Introduction
257(3)
Earnings and Human Capital
260(14)
Perfect Capital Markets
260(6)
Imperfect Access to Capital
266(8)
Assets and Consumption
274(6)
Fertility and Marriage
280(2)
Empirical Studies
282(8)
Summary and Discussion
290(9)
References
294(5)
The Division of Labor, Coordination Costs, and Knowledge
299(24)
Gary S. Becker
Kevin M. Murphy
Introduction
299(1)
Division of Labor among Tasks
300(4)
Coordination Costs
304(2)
Knowledge and Specialization
306(3)
Extent of the Market
309(2)
The Growth in Specialization and Knowledge
311(3)
The Division of Labor Between Sectors: Teachers and Workers
314(4)
Summary
318(5)
Appendix
319(1)
References
320(3)
Human Capital, Fertility, and Economic Growth
323(54)
Gary S. Becker
Kevin M. Murphy
Robert Tamura
Introduction
323(2)
Basic Properties of the Model
325(6)
Fertility and Growth
331(6)
Comparative Advantage in the Production of Human Capital
337(7)
Discussion
344(3)
Concluding Remarks
347(4)
References
348(3)
Appendixes
A. Sources and Methods
351(19)
1. Incomes
351(1)
a. The Basic Data
351(3)
b. Under- and Overreporting
354(1)
c. Unemployment
355(2)
d. Coverage in 1939
357(1)
e. Taxes
358(2)
f. Urban-Rural Distribution
360(1)
g. Hours of Work
360(1)
2. Costs
361(1)
a. Earnings of Students
361(3)
b. Direct Private Costs
364(3)
c. Direct Social Costs
367(3)
B. Mathematical Discussion of Relation Between Age, Earnings, and Wealth
370(7)
Author Index 377(4)
Subject Index 381

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