Education and Investment in Human Capital

The Journal of Political Economy, Vol. 70, No. 5, pp. 106-123, October 1962

19 Pages Posted: 29 May 2011  

Burton A. Weisbrod

Northwestern University - Department of Economics; University of California, San Diego (UCSD) - Department of Economics

Date Written: October 1, 1962

Abstract

As technological developments have altered production techniques, types of mechanical equipment, and varieties of outputs, society has begun to recognize that economic progress involves not only changes in machinery but also in men – not only expenditures on equipment but also on people. Investment in people makes it possible to take advantage of technical progress as well as to continue that progress. Improvements in health make investment in education more rewarding by extending life expectancy. Investment in education expands and extends knowledge, leading to advances which raise productivity and improve health. With investment in human capital and non-human capital both contributing to economic growth and welfare and in what is probably an interdependent manner, more attention should be paid to the adequacy of the level of expenditures on people.

Suggested Citation

Weisbrod, Burton A., Education and Investment in Human Capital (October 1, 1962). The Journal of Political Economy, Vol. 70, No. 5, pp. 106-123, October 1962. Available at SSRN: https://ssrn.com/abstract=1853809

Burton A. Weisbrod (Contact Author)

Northwestern University - Department of Economics ( email )

2003 Sheridan Road
Evanston, IL 60208
United States
847-467-1235 (Phone)
847-491-7001 (Fax)

University of California, San Diego (UCSD) - Department of Economics ( email )

9500 Gilman Drive
La Jolla, CA 92093-0508
United States

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