INVESTMENT IN HUMAN CAPITAL Schultz(1961)Word

　　舒尔茨经典力作：人力资本投资,做presentation用的Word

　　INVESTMENT IN HUMAN CAPITAL Schultz (1961)

　　Reported by Tingting He

　　舒尔茨经典力作：人力资本投资,做presentation用的Word

　　I. Shying Away from Investment in Man Not stress: people invest in themselves and that these investments are very large Reasons: to treat human beings as wealth that can be augmented by investment runs counter to deeply held values human beings as capital : Adam Smith/H. von Thiinen/ Irving Fisher4

　　舒尔茨经典力作：人力资本投资,做presentation用的Word

　　II. Economic Growth from Human Capital return over a long period: farm people v.s. industrial workers non-white urban males v.s. white males differentials in education Negroes v.s. whites differences in health and education young people (12 years of schooling) v.s. old people (6 years) expenditures on food and shelter in some countries: producer good

　　舒尔茨经典力作：人力资本投资,做presentation用的Word

　　rapid postwar recovery of countries: gave altogether too much weight to nonhuman capital comment on poor countries: treats knowledge and skill as a critical investment variable

　　舒尔茨经典力作：人力资本投资,做presentation用的Word

　　III. Scope and Substance of These Investments Human resources:quantitative (neglect) and qualitative dimensions quality components: skill, knowledge, and similar attributes How to estimate the magnitude of human investment? Expenditure: expenditures for consumption and for investment three classes of expenditures: pure consumption/pure investment/both By yield: increase in earnings is the yield on the investment8

　　舒尔茨经典力作：人力资本投资,做presentation用的Word

　　education 1. total costs of education (income foregone by students ) 2. relation of these costs to consumer income and to alternative investment (three and a half times/returns to education more attractive ) 3. the rise of the stock of education in the labor force (eight and a half times between 1900 and 1956) 4. returns to education (lower limits=return to nonhuman capital ) 5. contribution that the increase in the stock of education may have made to earnings and to national income (29%-56%)12

　　舒尔茨经典力作：人力资本投资,做presentation用的Word

　　IV. A Concluding Note on Policy 1. tax laws everywhere discriminate against human capital 2. Human capital deteriorates when it is idle 3. There are many hindrances to the free choice of professions

　　4. greater imperfections of the capital market in providing funds for investment in human beings 5. Internal migration society would gain13