4of19 - Human Capital, and Intergenerational Mobility - Human capital transmission in the family

GARY BECKER This the fourth 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 introduces a new parameter in the model that he introduced in Lecture 2 and Lecture 3: the human capital of the parents. He explains in which situation this model adjusts accurately to real world situations. Thus, he begins the crucial discussion and modeling of how human capital of parents affects the human capital of their children. Also, he defines and points out the recursive property of human capital. Then, Becker discusses the microeconomic and macroeconomic consequences of suc