Labor economics

Although it is obvious that people acquire useful skills and knowledge, it is not obvious that these skills and knowledge are a form of capital, that this capital is in substantial part a product of deliberate investment, that it has grown in Western societies at a much faster rate than conventional (nonhuman) capital, and that its growth may well be the most distinctive feature of the economic system. It has been widely observed that increases in national output have been large compared with the increases of land, man-hours and physical reproducible capital. Investment in human capital is probably the major explanation for this difference.

– Schultz, 1961

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Primary literature

                                                                                                           

We use the book Labor Economics by Pierre Cahuc, Stéphane Carcillo and André Zylberberg as well as the paper Investment in Human Capital by Theodore Schultz throughout the course.

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