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Essay / Research Paper Abstract
This 5 page paper provides an overview of the theory and also goes on to critique it. A definition is included. Bibliography lists 10 sources.
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5 pages (~225 words per page)
File: RT13_SA347hct.rtf
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skills, education and work experience possessed by workers" ("Principles," 2003). Human capital tends to render workers more productive, and this increases marginal products (2003). Today, it is an important
concept. Further, creation and use of human capital theory in the field of labor economics is perhaps the most interesting evolution as it concerns the history of economics (Mixon &
Hsuing, 1994). T.W. Schultz is believed to be the founder of "modern human capital theory" but Gary Becker later formalized it (1994). There have been some theorists who provide evidence
to support it, and while that is the case, others refute it (1994). The jury is still out on the viability of this theory. Human capital
theory suggests that wages to come from workers will be proportional to the "stock of human capital" ("Principles," 2003). Workers that have more "human capital" tend to earn higher
wages (2003). The decision to invest in greater human capital does requisite a cost-benefit analysis (2003). The costs of accessing or engaging human capital are thought to be incurred
in the present and the benefits will be reaped in the future (2003). For example, one invests money in tuition for school, but will be rewarded later monetarily (2003). In
order to compare future benefits along with present costs, one must calculate the net present value in respect to both for the foreseeable future (2003). In general, the longer the
period or time frame, the greater will be the anticipated benefits from "investing in human capital" (2003). Over a period of time, wage differentials between workers that
have more human capital with workers that have less will decline because more workers will choose to "invest in human capital" (2003). As the supply of workers with greater human
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