Twenty years ago, something happened when Pablo Peña sat in Prof. Gary Becker’s doctoral-level course at the University of Chicago. As the economist lectured on human capital theory, a concept he’d ...

Human capital is about the innate power workers have. It is about their knowledge, skills and insights, which can’t be sold or bought. Scottish economist Adam Smith was one of the first to recognize ...

Forbes contributors publish independent expert analyses and insights. I am the Kester and Brynes Professor at Columbia Business School and a Chazen Senior Scholar at the Jerome A. Chazen Institute for ...