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1、Review,Vol.51 ,No. 1 (Mar., 1961), 1 -17.InvestmentinHumanCapitalTheodoreW.SchultzTheAmericanEconomicStableURL:httplinks.jstor.org/sici?sici=0002-8282%28196103%2951%3A1%3CI%3AIIHC%3E2.0.CO%3B2-4TheAmericanEconomicReviewiscurrentlypublishedbyAmericanEconomicAssociation.YouruseoftheJSTORarchiveindicat
2、esyouracceptanceofJSTORsTermsandConditionsofUse,availableath(tp:/www.jstor.org/about/terms.html.JSTORsTermsandConditionsofUseprovides,inpart,thatunlessyouhaveobtainedpriorpermission,youmaynotdownloadanentireissueofajournalormultiplecopiesofarticles,andyoumayusecontentintheJSTORarchiveonlyforyourpers
3、onal,non-commercialuse.Pleasecontactthepublisherregardinganyfurtheruseofthiswork.Publishercontactinformationmaybeobtainedathttp:/www.jstor.org/joumals/aea.html.EachcopyofanypartofaJSTORtransmissionmustcontainthesamecopyrightnoticethatappearsonthescreenorprintedpageofsuchtransmission.JSTORisanindepen
4、dentnot-for-profitorganizationdedicatedtocreatingandpreser,ingadigitalarchiveofscholarlyjournals.FormoreinformationregardingJSTOR,pleasecontactjstor-infbumich.edu.http:/www.jstor.org/WedJan1412:18:292004TheAmericanEconomicReviewVOLUMELIMARCH1961NUMBERONEINVESTMENTINHUMANCAPITAL*ByTHEODOREW.SCHULTZAl
5、thoughitisobviousthatpeopleacquireusefulskillsandknowledge,itisnotobviousthattheseskillsandknowledgeareaformofcapital,thatthiscapitalisinsubstantialpartaproductofdeliberateinvestment,thatithasgrowninWesternsocietiesatamuchfasterratethanconventional(nonhuman)capital,andthatitsgrowthmaywellbethemostdi
6、stinctivefeatureoftheeconomicsystem.Ithasbeenwidelyobservedthatincreasesinnationaloutputhavebeenlargecomparedwiththeincreasesofland,man-hours,andphysicalreproduciblecapital.Investmentinhumancapitalisprobablythemajorexplanationforthisdifference.Muchofwhatwecallconsumptionconstitutesinvestmentinhumanc
7、apital.Directexpendituresoneducation,health,andinternalmigrationtotakeadvantageofbetterjobopportunitiesareclearexamples.Earningsforegonebymaturestudentsattendingschlandbyworkersacquiringon-the-jobtrainingareequallyclearexamples.Yetnowheredotheseenterintoournationalaccounts.Theuseofleisuretimetoimpro
8、veskillsandknowledgeiswidespreadandittooisunrecorded.Intheseandsimilarwaysthequalityofhumaneffortcanbegreatlyimprovedanditsproductivityenhanced.!shallcontendthatsuchinvestmentinhumancapitalaccountsformostoftheimpressiveriseintherealearningsperworker.Ishallcomment,first,onthereasonswhyeconomistshaves
9、hiedawayfromtheexplicitanalysisofinvestmentinhumancapital,andthen,onthecapacityofsuchinvestmenttoexplainmanyapuzzleabouteconomicgrowth.Mainly,however,Ishallconcentrateonthescopeandsubstanceofhumancapitalanditsformation.InclosingIshallconsidersomesocialandpolicyimplications.*PresidentialAddressdelive
10、redattheSeventy-ThirdAnnualMeetingoftheAmericanEconomicASSOCiaIiOn.SaintLouis.December28.l96O.TheauthorisindebtedtohiscolleaguesMiltonFriodman,forhisveryhelpfulsuggestionstogainclarityandcogency,andHarryG.Johnsonforpointingoutanumberofambiguities.Number62ofaseriesofphotographsofpastpresidentsoftheAs
11、sociation.I. ShyingAwayfromInvestmentinManEconomistshavelongknownthatpeopleareanimportantpartofthewealthofnations.Measuredbywhatlaborcontributestooutput,theproductivecapacityofhumanbeingsisnowvastlylargerthanallotherformsofwealthtakentogether.Whateconomistshavenotstressedisthesimpletruththatpeoplein
12、vestinthemselvesandthattheseinvestmentsareverylarge.Althougheconomistsareseldomtimidinenteringonabstractanalysisandareoftenproudofbeingimpractical,theyhavenotbeenboldincomingtogripswiththisformofinvestment.Whenevertheycomeevenclose,theyproceedgingerlyasiftheyweresteppingintodeepwater.Nodoubtthereare
13、reasonsforbeingwary.Deep-seatedmoralandphilosophicalissuesareeverpresent.Freemenarefirstandforemosttheendtobeservedbyeconomicendeavor;theyarenotpropertyormarketableassets.Andnotleast,ithasbeenalltooconvenientinmarginalproductivityanalysistotreatlaborasifitwereauniquebundleofinnateabilitiesthatarewho
14、llyfreeofcapital.Themerethoughtofinvestmentinhumanbeingsisoffensivetosomeamongus.1Ourvaluesandbeliefsinhibitusfromlookinguponhumanbeingsascapitalgoods,exceptinslavery,andthisweabhor.Wearenotunaffectedbythelongstruggletoridsocietyofindenturedserviceandtoevolvepoliticalandlegalinstitutionstokeepmenfre
15、efrombondage.Theseareachievementsthatweprizehighly.Hence,totreathumanbeingsaswealththatcanbeaugmentedbyinvestmentrunscountertodeeplyheldvalues.Itseemstoreducemanonceagaintoamerematerialcomponent,tosomethingakintoproperty.Andformantolookuponhimselfasacapitalgood,evenifitdidnotimpairhisfreedom,mayseem
16、todebasehim.NolessapersonthanJ.S.MillatonetimeinsistedthatthepeopleofacountryshouldnotbeIoOkeduponaswealthbecausewealthexistedonlyforthesakeofpeople15.ButsurelyMillwaswrong;thereisnothingintheconceptofhumanwealthcontrarytohisideathatitexistsonlyfortheadvantageofpeople.Byinvestinginthemselves,peoplecanenlargetherangeofchoiceavailabletothem.Itisonew
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