"Naked Economics" by Charles Wheelan: Norton Publisher

Productivity and Human Capital: page 98 Productivity i.e. efficiency-inputs to be converted into outputs. The concept of Human Capital, an economic passport, is elaborated in "Keys for Economic Understanding,""Keys to Economic Understanding" and "Work and Study Cycle Theory." www.ask.com for info. Human capital is the sum total of skills embodied within an individual: education, intelligence, perseverance,charisma,honesty,creativity,work experience and entrepreneurial vigor. The labor market: Some kinds of talent are in greater demand than others such as the scarcity skills of the Chinese language among Non-Chinese.In this respect,"A Glimpse of the Chinese Language" in English is dedicated to all. Cf. www.Amazon.com online book catalog for reference. Human capital makes us more appreciative of art and culture, more able to enjoy the fruits of life. The total stock of human capital as a people defines how well off as a society. Nobel laureate Gary Becker reckons that the stock of education, training, skills constitutes about 75% of the wealth of a modern economy. My comment: China's priority toward education is a typical case today. Unskilled labor is more expensive in USA than in China. Food for thought for economists,indeed! Economics offers insight into wealth, poverty, gender, the environment,discrimination,politics et al. Economics can help us to understand and improve an imperfect world. We must decide how to use a set of tools and what our priorities are,what trade offs we are willing to make,what outcomes we are willing to accept. Nobel laureate Robert Fogel said: "We must first define the good life before economics can help us get there." What is good life in USA? In China? My blog ends here for readers to ponder and reflect and set your scenario. Francis Shieh aka Xie Shihao on Sunday,September 16, 2007