Transcription of The Basic Theory of Human Capital
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The Basic Theory of Human Capital
CHAPTER 1 The Basic Theory of Human Capital1. General IssuesOne of the most important ideas in labor economics is to think of the set ofmarketable skills of workers as a form of Capital in which workers make a varietyof investments. This perspective is important in understanding both investmentincentives, and the structure of wages and speaking, Human Capital corresponds to any stock of knowledge or char-acteristics the worker has (either innate or acquired) that contributes to his or her productivity . This definition is broad, and this has both advantages and disad-vantages. The advantages are clear: it enables us to think of not only the yearsof schooling, but also of a variety of other characteristics as part of Human capitalinvestments. These include school quality, training, attitudes towards work, etc. Us-ing this type of reasoning, we can make some progress towards understanding someof the differences in earnings across workers that are not accounted by schoolingdifferences disadvantages are also related.
CHAPTER 1 The Basic Theory of Human Capital 1. General Issues One of the most important ideas in labor economics is to think of the set of marketable skills of workers as a form of capital in which workers make a variety
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