Human capital analysis starts with the assumption that individuals decide on their education, training, medical care, and other additions to knowledge and health by weighing the benefits and costs. Benefits include cultural and other non-monetary gains along with improvement in earnings and occupations, while costs usually depend mainly on the foregone value of the time spent on these investments.

The most fundamental constraint is limited time

My work on human capital began with an effort to calculate both private and social rates of return to men, women, blacks, and other groups from investments in different levels of education.

I am saying that the economic approach provides a valuable unified framework for understanding all human behaviour

Fines are preferable to imprisonment and other types of punishment because they are more efficient. With a fine, the punishment to offenders is also revenue to the State.

Why in almost all societies have married women specialized in bearing and rearing children and in certain agricultural activities, whereas married men have done most of the fighting and market work?

Along with others, I have tried to pry economists away from narrow assumptions about self interest. Behavior is driven by a much richer set of values and preferences.