Deming, D. J. (2022). Four facts about human capital. Journal of Economic Perspectives, 36(3): 75-102.

This academic paper examines human capital theory, focusing on four key findings. First, it establishes a strong correlation between human capital (education, skills) and earnings both within and across countries. Second, it highlights the consistently high economic returns on human capital investments throughout childhood and young adulthood. Third, it explores the relatively well-understood methods for improving foundational skills (literacy, numeracy) while acknowledging resource constraints. Finally, it discusses the increasing economic value of higher-order skills (problem-solving, teamwork) and the need for further research into their development.

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