Abstract
The theory of the optimal behaviour of the individual as investor in human capital postulates that to produce realised (observed) earnings, he must accumulate a stock of human capital and rent its services in the market-place. The stock comprises intangible human assets such as formal knowledge (Schultz, 1959, 1961, 1963), ‘on-the-job’ skills and experience (Mincer, 1958, 1962), health (Mushkin, 1962), mobility (Sjaastad, 1962), market information (Stigler, 1962), attitudes and so on. Its formation entails costs which are incurred by himself, his parents, his employer and society.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Becker, G. S. (1962), ‘Investment in Human Capital: A Theoretical Analysis’, JPE, Supplement (October), Lxx, No. 5, Part 2.
Becker, G. S. (1964), Human Capital ( New York, Columbia University Press (National Bureau of Economic Research)).
Becker, G. S. (1965), ‘A Theory of the Allocation of Time’, EJ, Lxxv (September).
Becker, G. S. (1967), Human Capital and the Personal Distribution of Income: An Analytical Approach (University of Michigan). In Canada, minimum wage rates are so low in some occupations, that going on public welfare results in a slight decline in income. Conspicuously, in 1967 some 60 per cent of poor households in Canada actually had a job. (Poverty in Canada A Report of the Special Senate Committee, 1971, pp. 24–7 and DBS., Statistics on Low Incomes in Canada 1967, Cat. No. 13–536, Table 1.)
Ben-Porath, Yoram (1967), ‘The Production of Human Capital and the Life Cycle of Earnings’, JPE.
Ben-Porath, Yoram (1970), ‘The Production of Human Capital Overtime’, in W. L. Hansen (ed.), Education, Income and Human Capital (New York).
Chiswick, B. (1967), B. (1967), ‘Human Capital and the Distribution of Personal Income’, doctoral dissertation, Columbia University (referred to in Haley, 1973 ).
Friedman, M. and Kuznets, S. (1945), Income from Independent Professions ( New York, National Bureau of Economic Research).
Haley, W. J. (1973), ‘Human Capital: The Choice Between Investment and Income’, AER (December).
Johnson, T. (1970), Returns from Investment in Human Capital’, AER (September).
Kendrick, John W. (1967), ‘Total Investment, Capital and Economic Growth’, Proceedings of the Business and Economic Statistics Section of the Am. Stat. Ass.
Kendrick, John W. (1972), ‘The Treatment of Intangible Resources as Capital’, The Review of Income and Wealth (March).
Mincer, J. (1958), ‘Investment in Human Capital and Personal Income Distribution’, JPE, Lxvi, No. 4 (August).
Mincer, J. (1962), ‘On-the-Job Training: Costs, Returns and Some Implications’, JPE, Lxx, No. 5, Part 2 (October).
Mushkin, Selma J. (1962), ‘Health as an Investment’, JPE, Lxx, No. 5 (October).
Mushkin, Selma J. (1961), ‘Investment in Human Capital’, AER (March), Lxx, No. 5, Part 2.
Mushkin, Selma J. (1963), The Economic Value of Education (New York, Columbia University Press).
Sjaastad, Larry A. (1962), ‘The Costs and Returns of Human Migration’, JPE, Lxx, No. 5, Part 2 (October).
Stigler, George J. (1962), ‘Information in the Labour Market’, JPE, Lxx, No. 5, Part 2 (October).
Weisbrod, Burton A. (1962), ‘Education and Investment in Human Capital’, JPE, Lxx, No. 5 (October).
Author information
Authors and Affiliations
Editor information
Copyright information
© 1983 International Economic Association
About this chapter
Cite this chapter
Kubinski, Z.M. (1983). Non-growth Paths of Human-capital Accumulation. In: Weisbrod, B., Hughes, H. (eds) Human Resources, Employment and Development. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-22741-9_15
Download citation
DOI: https://doi.org/10.1007/978-1-349-22741-9_15
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-22743-3
Online ISBN: 978-1-349-22741-9
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)