10. Education, Health, and Human Capital 335 Investment in Human Capital Remember the discussion of human capital in Chapter 5. Theodore W. Schultz (1964) argues that Capital goods are always treated as produced means of production. But in general the concept of capital goods is restricted to material factors, thus excluding the skills and other capabilities of man that are augmented by investment in human capital. The acquired abilities of a people that are useful in their economic endeavor are obviously produced means of production and in this respect forms of capital, the supply of which can be augmented