Why am I passionate about this?
I've always been interested in trying to make the world a better place, increasing the well-being of families and nations, and not just in making private profit for myself or for some employer. In working as a consultant on education and development in 22 different countries, many of them poor and developing such as Nepal, Malawi, and Indonesia, I've seen a lot of poverty and inequality, and have also come to see how education, including its effects on fertility rates, health, longevity, the survival of democratic institutions and so forth and especially its financing is at the heart of making lives better, especially for children who are the future of each family and each nation.
Walter's book list on the returns of higher education
Why did Walter love this book?
Theodore Schultz, a personal friend, was President of the American Economics Association, and Head of the Economics Department at the University of Chicago.
He is generally regarded as the father of Human Capital theory and analysis, is the one who hired Gary Becker from Columbia University, and his Presidential Address to the American Economics Association in 1960 is widely cited as the beginning of the human capital revolution in economics.
It transformed the fields of economic growth where modern endogenous growth models are currently the mainstream, the fields of labor economics, home economics, the economics of education, and is in the process of revolutionizing the field of economic development (with ‘endogenous development’).
This highly readable and interesting book will give the reader a basic understanding of human capital analysis. Its roots are in Becker’s Economic Journal article on “the economics of the allocation of human time”.
This makes the non-monetary…
1 author picked Investment in Human Capital as one of their favorite books, and they share why you should read it.
Book by Theodore W. Schultz
- Coming soon!