Becker's law

Becker's law, originating from economist Gary Becker, describes how individual investments in human capital—like education and training—affect productivity and earnings over time. It suggests that these investments lead to increases in a person's skills and knowledge, which in turn improve their ability to work effectively. The law highlights that such investments generate returns not only for the individual through higher wages but also benefit society by enhancing overall economic productivity. Essentially, Becker's law emphasizes that investing in human skills is akin to investing in physical capital, driving economic growth and personal earnings.