Economic Theory

An essay on the monetary theory of distribution by Massimo Pivetti

By Massimo Pivetti

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Ferguson, Heckman, and Corr 2011 and Heckman and Kautz 2013). , Heckman 1998 and Heckman and Masterov 2007). It should be noted that Heckman is currently leader of a large group of researchers who are members of the Human Capital and Economic Opportunity Global Working Group. The mission of this group is to carry out comprehensive and interdisciplinary research into HC development. Essence of How a Developmental Approach Differs from a Mainstream Economic Approach to Human Capital Investment In the mainstream economic approach, investment in HC involves a process or intervention during which an input, say knowledge, is being added or incorporated into the individual.

265–266). Alfred Marshall “defined capital so broadly that personal wealth could be interpreted as capital” (Sweetland 1996, p. 344). He defined “personal wealth so as to include all those energies, faculties, and habits which directly contribute to making people industrially efficient” (p. 344; Marshall 1961, p. 58). Finally, Irving Fisher recognized that “human participation in production processes constituted a form of capital” and that the human machine is as important to production as the nonhuman machine (Sweetland 1996, pp.

Not only is it harming our health, but also the high cost is hurting the performance of national economies, and threatening many governments’ financial viability. By 2030, the projected direct health care costs attributable to obesity and overweight could range from $860 to $956 billion, accounting for 1 in every 6 dollars spent on health care (Wang et al. 2008, p. 356). The good news is that many others are employing boundedly rational decision procedures that often enough do reasonably well. Human Capital Investment to Improve Boundedly Rational Decision Making If the outcomes of a boundedly rational decision-making procedure such as satisficing are unsatisfactory, such as might be the case in the diet choosing example noted previously, decision makers could choose to invest more of their time and resources in a way that leads to improved I N V E STM E N T S I N H U M A N C A PI TA L 43 decision outcomes.

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