Many commentators claim Adam Smith failed to realize that no objective standard of value exists. Instead, he adhered to the labor theory of value. Like others, we argue that in the The Wealth of Nations Smith discussed the “early and rude state” in which the labor theory of value made some...

In 1958 Jacob Mincer pioneered an important approach to understand earnings distribution. In the years since Mincer's seminal work, he as well as his students and colleagues extended the original human capital model, reaching important conclusions about a whole array of observations pertaining...

Gary Becker's classic study, A Theory of the Allocation of Time, laid the analytical foundations for the study of household production and the allocation of time within the household. The analytical framework of household production theory developed in this paper remained a pillar of his later...

In a marvelous but somewhat neglected paper, "The Corporation: Will It Be Managed by Machines?" Herbert Simon articulated from the perspective of 1960 his vision of what we now call the New Economy - the machine-aided system of production and management of the late twentieth century. Simon's...

In a marvelous but somewhat neglected paper, "The Corporation: Will It Be Managed by Machines?" Herbert Simon articulated from the perspective of 1960 his vision of what we now call the New Economy - the machine-aided system of production and management of the late twentieth century. Simon's...

Particularly in present times, meaning hereby that from last more than two decades, due to phenomenal changes all round, issue of quality man power has become a variable having significant importance. The situation turned too much grave with the noticing of the phenomenon called recession since...

Why do people give away knowledge in tutoring other people’s children or when mentoring junior employees? Neoclassical economists explain informal learning as rational behavior that arises out of enlightened self interest. They can also justify it as acts that satisfy the agent’s preferences...

This paper presents Gary Becker's approach to conducting creative, empirically fruitful economic research. It describes the traits and methodology that made him such a productive and influential scholar

This chapter examines John Tomer’s contributions to our understanding of the concept of human capital. Tomer criticized the standard mainstream view of the concept as narrowly focused on education and training and as seeing investments in human capital as having “an individual, cognitive,...

In 1958 Jacob Mincer pioneered an important approach to understand earnings distribution. In the years since Mincer’s seminal work, he as well as his students and colleagues extended the original human capital model, reaching important conclusions about a whole array of observations pertaining...