ENTREPRENEURSHIP

Detailed explanation-1: -Human capital theory, initially formulated by Becker (1962) and Rosen (1976), argues that individual workers have a set of skills or abilities which they can improve or accumulate through training and education.

Detailed explanation-2: -The first writings on human capital comes from the 18th century Scottish economist, Adam Smith. But, the American economist, Greg Becker, was arguably the biggest pioneer for the human capital theory. Through his works in economic sciences, he coined the idea of investing in people.

Detailed explanation-3: -Schultz conceives entrepreneurial ability as a form of human capital. Like other forms of human capital, this ability can be increased through education, training, experience, health care, and so on.

Detailed explanation-4: -Gary Becker invented the term investing in people from his studies in economics. Gary Becker and Theodore Schultz primarily developed the human capital theory in the 1950s and early 1960s.