The Economist explains | The Economist explains economics
How people became the central focus of economics
Gary Becker's theory of human capital explained the role of education in the production process
![](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/sites/default/files/20170805_BBD001.jpg)
By S.R.
This week “The Economist explains” is given over to economics. Today’s is the second in a series of six explainers on seminal ideas
More from The Economist explains
![](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/media-assets/image/20240817_BLP511.jpg)
What is a carry trade?
Borrowing cheaply to buy high-yielding assets is popular, but risky
![](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/media-assets/image/20240817_BLP506.jpg)
The significance of liquid water on Mars
There could be an ocean’s worth deep underground
![](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/media-assets/image/20240810_BLP521.jpg)
Why Russian troops are attacking on motorbikes
New conditions give rise to new tactics
What is “two-tier” policing?
The conspiratorial belief has spread online, fuelling disorder in Britain
Would legal doping change the Olympics?
The impact would be smaller—and worse—than proponents of drug-taking claim
Do vice-presidential picks matter?
If they have any effect on an election’s result, it is at the margins