Key Ideas

1. Human capital is the knowledge, skills, and abilities that individuals possess and can use to create economic value. It includes both formal education and on-the-job training.

2. Gary S. Becker argues that investing in human capital leads to higher productivity and economic growth.

3. Education is a key component of human capital. It increases an individual's skills and knowledge, making them more productive in the workforce.

4. On-the-job training is another important aspect of human capital. It allows individuals to acquire specific skills and knowledge that are relevant to their job.
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Quiz