I work as an economist at Netcore Solutions in Mumbai.
You can contact me by writing to me atanudey at gmail.
From the Chicago Graduate School of Business magazine a brief talk with Gary Becker, “one of the first economists to study topics traditionally considered the purview of sociologists including racial discrimination, crime, family organization, and drug addiction. His work on those subjects earned him the Nobel Prize in economic sciences in 1992.”
Becker is big on human capital. He talks about the importance of human capital in organizations. Economists consider human capital to be critical to development of economies. Education is therefore directly implicated in development. Here are a few quotes from Becker. (The Becker-Posner blog is worth reading.)
[On Chicago economics.]
Fields evolve. And I think Chicago still emphasizes that economics is a powerful tool for understanding the world, whether itâs finance, accounting, consumer behavior, or antitrust. That remains the same, and thatâs been a hallmark of Chicagoâto take economics seriously. Economic analysis is important; itâs not just a game being played by clever academics.
The precise things that economists are studying evolve over time as economics itself has evolved: developments in finance, human capital, in theory of a firm, and understanding how firms behave. You can go on and on. Those have changed, and that means a lot of problems that are attracting people are different.
But at a fundamental level, Chicago economics is the same as it wasâpeople taking economics seriously as a tool, an engine for understanding the world, and, hopefully, making the worldâthe business world and the world of public policyâa better place.
[On human capital.]
Iâd like to think that businesses now appreciate the fact that, by far, their most important assets are their employees, and how they invest in their employees, how they treat their employees, how they raise the skill level of their employeesâthat is the dominant factor that determines whether theyâre going to succeed. Bill Gates once said, âYou take away the top 20 employees of Microsoft, weâll just be an ordinary company. Top employees are what makes us.â And thatâs true in a lot of companies.
Businessmen and women now think much more about the role of human capital in their successâhow to attract it, nurture it, and invest in it. Certainly the concept of human capital has had a significant influence on business.
Sorry, the comment form is closed at this time.