1Human capital is the sum total of skills embodied within an individual. The investments made to your human capital have an output of creating jobs, earning money, and providing to the economy. Human capital requires devoted time into education to show scarcity and skill. For example anyone could be a McDonalds cashier but not everyone can be a doctor without the training. The issue I would like to discuss is the importance of education to improve human capital growth for the low socio economic class. 2Most poor people in America are poor because they lack human capital to get jobs. Parents work multiple sale jobs to take care of their kids. As their kids get older, parents expect them to quit school and earn money for the family. It’s a vicious cycle that is, unfortunately, encouraged by many cultures to let kids think it is ok to not finish high school, attend college, or have incentives to work hard. What parents should teach their kids is to get an education which will help provide more money for their family as well as give them a genuine purpose towards society rather than handing a man his burger and fries. Education is the key to raising your human capital. I will explain this by talking about a success story as seen through an organization called Avance Dallas which strives to support and teach families the importance of giving their kids education to increase their value.
Increasing your human capital starts with education. The government has come up with ways to provide free middle school and free high school but relies on families and organizations to motivate kids into creating incentives to work hard and pursue a path of education. Some may say “well, I don’t have enough money to go to college. What do I do?” I believe if you have a passion to achieve human capital, you have to work for college. It can’t just be given to you for free (nothing is free). You have to strive with true motivation for scholarships or attend cheaper junior colleges or trade schools that increase your human capital by providing an education and allowing you to work for your future.
One motivational example is from a man named Adan who attended Avance Dallas to get the support he needed to get an education. Born in a family who never took education seriously, Avance stressed to both Adan and his parents the value of education and what it can do for his future. Knowing his parents wouldn’t be able to afford college, Adan worked hard throughout his years in school to get a full ride scholarship to Georgetown University and later a prestigious scholarship which allowed him to pursue any master’s degree at any college of his choosing. 3He decided to attend Harvard and get a master’s in education to show others that “[education] opened all the doors for me.”
Adan proves that you can start with little yet still increase your human capital. It may be difficult, but it is possible with a vigorous work ethic towards education. 4He is one of 28,000 success stories from Avance and one in a many around the world proving there is a key way to increase human capital and potentially get out of poverty: education.
1Charles Wheelan and Burton G Malkiel, Naked Economics: Undressing the Dismal Science (New York: Norton, W. W. & Company, 2010) page (127).
2Charles Wheelan and Burton G Malkiel, Naked Economics: Undressing the Dismal Science (New York: Norton, W. W. & Company, 2010) page (129).
3 Thomas, Anne. “2014-2015 Annual Report: Unlocking Adan’s Potential.” AVANCE-Dallas. November 16, 2015. Accessed June 22, 2016. https://www.avance-dallas.org/blog.
4 Thomas, Anne. “2014-2015 Annual Report: Unlocking Adan’s Potential.” AVANCE-Dallas. November 16, 2015. Accessed June 22, 2016. https://www.avance-dallas.org/blog.
Image: “Day 18 – How to Further Your Education in Cosmetic Science,” 2016, accessed June 23, 2016, http://chemistscorner.com/day-18/.