“Much of what we call consumption constitutes investment in human capital. Direct expenditures on education, health, and internal migration to take advantage of better job opportunities are clear examples. Earnings foregone by mature students attending school and by workers acquiring on the-job training are equally clear examples.”

Source: "Investment in human capital," 1961, p. 1

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Theodore Schultz15

American economist 1902–1998

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Source: 1962, Address and Question and Answer Period at the Economic Club of New York

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Theodore Schultz15

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