Economy Is The Art Of

Human Capital Analysis Starts With The Assumption That Individuals Decide On Their Education, Training, Medical Care, And Other Additions To Knowledge And Health By Weighing The Benefits And Costs. Benefits Include Cultural And Other Non-monetary Gains Along With Improvement In Earnings And Occupations, While Costs Usually Depend Mainly On The Foregone Value Of The Time Spent On These Investments.

Still, Intuitive Assumptions About Behavior Is Only The Starting Point Of Systematic Analysis, For Alone They Do Not Yield Many Interesting Implications.

My Work On Human Capital Began With An Effort To Calculate Both Private And Social Rates Of Return To Men, Women, Blacks, And Other Groups From Investments In Different Levels Of Education.

Economy Is The Art Of Making The Most Of Life.

The Treatise Tries To Analyze Not Only Modern Western Families, But Also Those In Other Cultures And The Changes In Family Structure During The Past Several Centuries.