Chapter 17 Human Capital—The Real Data to Watch

While Michael Milken is best known for his pioneering work as a financier and philanthropist, he has also been a longtime proponent of recognizing the value of human capital. Early in Mr. Milken’s career he formed a lasting friendship with Gary Becker, the University of Chicago economist and Nobel laureate, who is credited with bringing the term “human capital” into the academic mainstream. Mr. Becker estimated that at least three-quarters of a nation’s wealth was in the knowledge and skills of its people. Mr. Milken emphasized that you can invest in human capital and advocates for three major ways a nation can build human capital: through education, health (extending the length and quality of lives), ...

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