Human Capital Theory: Education, Discrimination, and Lifecycles.
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Discusses the current state of knowledge about, and the most important unsettled issues in, three topics that are part of the overall question of income distributions: wealth distributions and lifecycle earnings profiles; sources of income returns to schooling; and race differences in income. Lifecycle earning patterns are the core of human capital theory; the other two topics are commonly associated with it but are not necessarily related to it. There appears to be no human capital theory of discrimination, for example. In spite of theoretical difficulties, however, the argument that income-schooling relationships are causal remains intact. Recent developments in the theory take, as their point of departure, recognition of the fundamental role played by the cost of human time in the allocation of time; more than any other insight, this may prove to be the most valuable contribution of human capital theory. 24 pp. Ref.
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