ABSTRACT
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Human capital may be defined as any investment that increases the market or nonmarket productivity of human beings. While this is a rather broad definition, this entry focuses on three of the most important dimensions of human capital. These include
investments in education, on-the-job training, and health. An associated reason for this restricted focus is that almost all the theoretical and empirical literature deals primarily with these three investments. In fact, as human capital issues have traditionally been scrutinized by labour economists, the bulk of the work concentrates on investments in education and-on-the job training. The factors motivating human capital investments and the effects of these investments may be examined from a macro or a micro perspective. This entry provides a flavour of the work from both perspectives.
