Farm and Off-Farm Work Decisions: The Role of Human Capital

@inproceedings{Huffman1980FarmAO,
  title={Farm and Off-Farm Work Decisions: The Role of Human Capital},
  author={Wallace E. Huffman},
  year={1980}
}
W ITH modern economic growth, we observe people reallocating resources in response to changes in economic conditions. How accurately they perceive and efficiently they respond to these changes is attributed to allocative ability (Schultz, 1975). This ability is not restricted to managers of firms. People who supply labor services for hire or who are selfemployed also reallocate their time in response to changes in the value of the work they do. With long-term U.S. economic growth, one major… CONTINUE READING

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