Gary becker, winner of the nobel prize, says that "human capital is by far the most important form of capital in creating wealth and growth." why does he say this?

Question

Social Studies

Muhammad Lester

10 August, 19:13

Gary becker, winner of the nobel prize, says that "human capital is by far the most important form of capital in creating wealth and growth." why does he say this?

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Answers (1)

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Jenny Berg · Answer 1

I believe the answer is: Workers with high human capital are more productive and earn more money than those with fewer skills.

Workers with high human capital tend to had a really strong desire for self-improvement in various aspects of their life. Over time, the gap between workers with high human capital would only become larger compared to the workers that do not have it, which increase the chance for workers with high human capital to obtain promotions and earn more money.