“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.”

—  Theodore Schultz

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

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Theodore Schultz 15
American economist 1902–1998

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