Volume III Knowledge Its Creation Distribution and Economic Significance Volume III The Economics of Information and Human Capital 1st Edition by Fritz Machlup ISBN 9781400856022 1400856027

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Product details: 

ISBN 10:  1400856027 

ISBN 13: 9781400856022

Author: Fritz Machlup

Volume III examines in clear and elegant prose the roles of knowledge and information in economics. Part One analyzes the effects of new or uncertain information on market performance; examines the formation and revision of expectations; and provides a classification of literature and an extensive bibliography. Part Two discusses private and social valuations of education and training, the controversy over nature vs. nurture,” the issue of “credentialism,” and the depreciation of human capital.

Originally published in 1984.

The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Table of contents: 

Part One: The Economics of Knowledge and Information

1. Introduction

2. Old Roots and New Growth

3. Information and Prices: Futures, Insurance, and Product Markets

4. Labor Markets and Financial Markets

5. Public Decisions and Public Goods

6. New Knowledge, Dispersed Information, and Central Planning

7. Empirical Research, Theoretical Analysis, Applied Inquiry

8. Economic Agents, Equilibria, and Expectations

9. The Expanding Specialty: Surveys and Classifications

10. A New Classification

11. A Sample Bibliography

Part Two: Knowledge as Human Capital

12. Basic Notions of Capital Theory

13. Investment in Human Resources and Productive Knowledge

14. Private and Social Valuation

15. Human Capacity, Created by Nature and Nurture

16. The Route from Investments to Returns

17. Production Functions: The Choice of Variables

18. Productivity versus Credentials

19. Depreciation of Knowledge Stocks and Human Capital

20. Profiles of Lifetime Learning and Earning

21. Rates of Return to Investment in Education

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