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the acquisition “of all useful skills and knowledge ... that is part of deliberate investment.”

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Gary Becker (1930–2014) developed what he would later call "the economic approach to human behaviour"². This, which he considered to be a method of analysis rather than an assumption about human motivations

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FADRIGALAN
LOPEZ
MANAOIS
PANGADLO
VICTORIO

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Marshall broadens the definition of returns on human capital to take into account non-financial factors.

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According to Alfred Marshall, the long-term investment in human capital and the family has an enormous impact on it through improvements of human capital by training and general enhancements of it.

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Human Capital - an overview | ScienceDirect Topics. (n.d.). Www.sciencedirect.com. https://www.sciencedirect.com/topics/economics-econometrics-and-finance/human-capital#:~:text=Adam%20Smith%20in%20The%20Wealth

Human Capital - an overview | ScienceDirect Topics. (n.d.). Www.sciencedirect.com. https://www.sciencedirect.com/topics/economics-econometrics-and-finance/human-capital

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Alfred Marshall was proposing that the economy is an evolutionary process in which technology, market institutions, and people's tastes evolve alongside people's behavior. Marshall once remarked that "the Mecca of the economist is in economic biology rather than in economic dynamics."

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Adam Smith was a philosopher and economic theorist born in Scotland in 1723. He's known primarily for his groundbreaking 1776 book on economics called An Inquiry into the Nature and Causes of the Wealth of Nations. Smith introduced the concept that free trade would benefit individuals and society as a whole.

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Adam Smith's original theory sparked a newfound curiosity about what drives economic expansion. Researchers found that national production grew at a far quicker rate than inputs such as land, labor, and physical capital (Denison, 1962). The most popular theory put up to explain the discrepancy was that workers' hours had been miscalculated, with the average day of work in the 1950s being noticeably longer than in the 1920s.

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According to Adams, growing human capital through education and training leads to more profitable businesses, boosting societal prosperity overall. According to Smith, this results in a win for everyone.