"Psychology motivates the quality of analysis and puts it to use. Psychology is the driver and analysis is the road map."

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Human capital analysis starts with the assumption that individuals decide on their education, training, medical care, and other additions to knowledge and health by weighing the benefits and costs. Benefits include cultural and other non-monetary gains along with improvement in earnings and occupations, while costs usually depend mainly on the foregone value of the time spent on these investments.

— Gary Becker