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T. Schultz (1960)
Capital Formation by EducationJournal of Political Economy, 68
S J. M U S H K I N A N D B. A. W E I S B R O D . estimate the value of privately and publicly-provided resources which have been devoted to the health of persons employed in 1960, over their lifetimes. We shall then see how the magnitude of these expenditures on health compares with the corresponding expenditures on schooling. We shall also compare the magnitude of health resources embodied in the 1960 work force and the resources in the 1960 stock of physical capital. In the process we shall note changes through time in the pattern of private health expenditures by age, and in the mix of private and public expenditures on health. Looking at health expenditures as investment in productivity does not deny the consumption value of better health for its own sake. It does, however, assume that whatever the motivation of those financing health expenditures, there are effects on productivity. Every health expenditure cannot be considered investment in human capital-at least in the sense of contributing to production and economic growth-just as every education expenditure cannot2. But the dividing line between a health (or education) expenditure that contributes to enlarged
Kyklos International Review of Social Sciences – Wiley
Published: Nov 1, 1963
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