I conclude by listing several main points of this essay: 1. Human capital is of great importance in the modern economy. 2. Human capital has become of much greater significance during the past two decades. 3. Human capital is crucial to the international division of labor. 4. Much unmeasured learning goes on in companies and by adults. 5. People need to invest in themselves during their whole lives. 6. Distance learning will become of crucial importance to the teaching and learning process. 7. Human capital stimulates technological innovations and the high-tech sector.
Gary BeckerRelated topics
capital distance division economy essay great human importance international invest labor learning lives listing main modern need past people process sector several significance teaching pointsRelated quotes
The new trade theory picture of the world looks something like this: Each country has, at any given time, a set of broad resources-land, skilled labor, capital, climate, general technological competence. These resources define up to a point the industries in which the country can hope to be competitive on world markets. [...] But a country's resources do not fully determine what it produces, because the detailed pattern of advantage reflects the self-reinforcing virtuous circles, set in motion by the vagaries of history.
Paul Krugman
It seems to me more and more that the immense efforts which during the great popularity of macroeconomics over the last thirty or forty years have been devoted to it, were largely misspent, and that if we want to be useful in the future we shall have to be content to improve and spread the admittedly limited insights which microeconomics conveys.I believe it is only microeconomics which enables us to understand the crucial functions of the market process: that it enables us to make effective use of information about thousands of facts of which nobody can have full knowledge.
Friedrich Hayek
It is the foundation of my Government's mission to build a modern, compassionate and just society in Scotland. A society where we not only meet our immediate needs, but ensure that all can share in the benefits of prosperity. And a Scotland that is ever conscious of its global responsibilities - promoting peace, supporting international development and protecting our environment. Building this society and instilling these values in our population requires the highest standards of teaching in our education system - and a strong ethical dimension.
Alex Salmond
It has been remarked that when one passes among the patients of the psychiatric ward, he encounters among the several sufferers every aspect of normal personality in morbid exaggeration. ... As one passes through the modern centers of enterprise and of higher learning, he is met with similar autonomies of development. ... The scientist, the technician, the scholar, who have left the One for the Many are puffed up with vanity over their ability to describe precisely some minute portion of the world. Men so obsessed with fragments can no more be reasoned with than other psychotics.
Richard Weaver
Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones.
It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.
George Soros
