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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

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Investment in human capital accounts for most of the impressive rise in the real earnings per worker.

Human beings are incontestably capital from an abstract and mathematical point of view.

Economists have long known that people are an important part of the wealth of nations.

There are comparatively few significant inefficiencies in the allocation of the factors of production in traditional agriculture.

The dominant social thought shapes the institutionalized order of society... and the malfunctioning of established institutions in turn alters social thought.

Theodore W. Schultz (1977)

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Quote text and notes from Wikiquote: Theodore Schultz (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.