Some activities primarily affect future well-being, while others have their main impact in the present. Dining is an example of the latter, while purchase of a car exemplifies the former. Both earnings and consumption can be affected: on-the-job training primarily affects earnings, a new sail boat primarily affects consumption, and a college education is said to affect both. The effect may operate either through physical resources, such as sail boat, or through human resources, such as a college education. This paper is concerned with activities that influence future real income through the imbedding of resources in people.
