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"By an individual's 'human capital' I will mean [...] simply his general skill level, so that a worker with human capital h(t) is the productive equivalent of two workers with each, or a half-time worker with 2h(t). The theory of human capital focuses on the fact that the way an individual allocates his time over various activities in the current period affects his productivity, or his h(t) level, in future periods. Introducing human capital into the model, then, involves spelling out both the way human capital levels affect current production and the way the current time allocation affects the accumulation of human capital."

R. E. Lucas: On the Mechanics of Economic Development, Journal of Monetary Economics 22 (1988), p. 18.