The Human (Capital) Side of Economics
FYSEMR 75E
Subject & Catalog Number
Course Information
Description
Why are some nations rich and others poor, and why are some people in these nations wealthy and some impoverished? For much of modern history, the answers to these questions will involve the human side of economics—investment in human capital. The wealth of a nation was once its land and natural resources. But the wealth of a nation shifted to being its stock of human capital. Consider how wealthy individuals are in Singapore and Hong Kong, yet with scant land per resident. Human capital encompasses the notion that there are investments in people (in education, training, health) and that these investments increase an individual’s productivity in the same way investments in physical capital increase aggregate productivity.
Families invest in their children, people invest in themselves, and individuals migrate to more productive places. But a large part of human capital investment also arises because governments provide resources to educate the young, create a healthful environment, reduce disease, and enable the free flow of labor. Investment also arises because of institutions. Consider how different human capital would be with slavery, indentured servitude, and contract labor. What is the efficient level of public versus private human capital investment, and what are the most effective institutions for this investment? Many of these questions will be addressed with data from the U.S., which led the world in education and became the richest nation (per capita) in the twentieth century, but experienced rising economic inequality during the last half of that century.
NOTE - Prerequisites: Students are expected to have had some background in economics, such as an AP economics course in high school or Economics 10a or its current enrollment.
NOTE: Meetings are two hours per week and attendance at all classes is mandatory (unless you have a note from UHS). There are about 80 pages of readings each week. Some have more and some less. All are relevant to the questions for that week. There will be a field trip to a local site of interest to the history of public health or work. There will be no cost to students.
Class Notes
First-Year Seminars are available only to first-year students. You may apply to both Fall 2026 and Spring 2027 First-Year Seminars via the FYS lottery between July 6 and August 6, 2026 at 11:59PM-midnight.
You may apply to as many seminars each term as you would like, but we recommend you apply to at least six in fall and three in spring.
As part of your application, you must provide a brief statement on why you are interested in each seminar. You will be notified of lottery results for both fall and spring seminars at 5 pm on August 11. If you are unsuccessful in the lottery, you may still join any seminar with open seats. A list of open seminars and instructions on next steps will be available on the First-Year Seminar Program website August 11 at 12 Noon.
Not Available for Cross Registration
