4of19 - Human Capital, and Intergenerational Mobility - Human capital transmission in the family

GARY BECKER This the fourth lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker introduces a new parameter in the model that he introduced in Lecture 2 and Lecture 3: the human capital of the parents. He explains in which situation this model adjusts accurately to real world situations. Thus, he begins the crucial discussion and modeling of how human capital of parents affects the human capital of their children. Also, he defines and points out the recursive property of human capital. Then, Becker discusses the microeconomic and macroeconomic consequences of such a property. He introduces and explains a technical and economic property of the household production function: the complementary property between investment of human capital of the kids and human capital of the parents. Furthermore, he explains how the human capital of the parents influences the rate of return of investments in human capital. Finally, he points out the implications for intergenerational income mobility in this new context. Key concepts: complementary between human capital investment of ...

Channel: YouTube Video Length: 76m 34s Date Found: Mon, Feb 14 2011 3:25 PM Category: Home Video Date Produced: Fri, Jan 07 2011 11:51 AM View Count: 0