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Gary Stanley Becker (/ ˈ b ɛ k ər /; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. [1] He was a professor of economics and sociology at the University of Chicago, and was a leader of the third generation of the Chicago school of economics.
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.
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.
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 ...
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]
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.
This article was reviewed by Kelly Brown MD, MBA. If you’ve just started taking Cialis, don’t be alarmed if you feel a little off. Like other medications for the treatment of (ED), Cialis ...
Human capital contracts have been advocated by a number of Nobel Prize–winning economists, including Milton Friedman, Robert Merton, and Gary Becker. [2] Adam Smith in The Wealth of Nations described the knowledge and skills of workers as a form of human capital. [3]