Human Capital, and Intergenerational Mobility - The Basic Model (2of2)
By Gary Becker - University of Chicago
-
389
- Report An Inaccuracy In Lecture Information:
Lecture Description
"This the third 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 continues to discuss the model developed in Lecture 2. He gives intuitive and technical insights about the forces that cause capital market imperfections (and how the rate of return of investment in kids is affected by these). Also, he explains the individual household and social consequences of these kinds of market failures. Afterwards, he gives some public policy recommendations with this respect.
Becker then returns to the discussion on intergenerational income mobility and explains the technical details of how it can be measured. He also contrasts the measurement of the intergenerational income mobility with the measurement of income equality.
Finally, he returns to the model developed in Lecture 2 and makes two comparative statics model: he investigates how the choice variables change when the parents experience an exogenous increase in their taste for altruism and when the parameter that converts the human capital of the kids into earnings increases.
Key concepts: capital market imperfections, income (in) equality, intergenerational income mobility, rate of return."
Course Description
"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.
In total, there are 19 lectures. Each lecture includes a short description of topics covered as well as topical keywords. The interested viewer is also provided with references to books and journal articles from Gary Becker's own original research that bear on the topics discussed in each lecture. Additionally, the viewer is also referred to the appropriate section of a freely available and informal set of student notes. These lecture notes are provided as-is and the author, Salvador Navarro Lozano cannot accept responsibility for any typos or errors. Much of the lecture material already appears in one of Gary Becker's academic books and those remain the best source of information in case of any doubts.
Over the years, thousands of graduate students in Economics, Sociology, Public Policy, and other fields have benefited from the teachings of Gary Becker in his Human Capital class. We hope that by providing these lecture videos and notes that people around the world can increase their own human capital and enjoy studying this fascinating subject of human capital as taught by Gary Becker.
Filmed by: Joey Brown
Lecture Summaries: Jorge L. Garcia
Lecture Notes: Salvador Navarro Lozano
Supported by: The Becker Center at the Booth School of Business at the University of Chicago"
