Final answer:
The neoclassical economic perspective states that human capital is key to an individual's productivity and earnings, which are influenced by personal choices in education and training.
Step-by-step explanation:
According to the neoclassical economic perspective, human capital acquired by education and job training is the source of a person's productivity and what a person earns is a reflection of his or her individual choices.
Human capital is defined as the accumulated skills and education of workers. From this viewpoint, it's understood that investments made in one's education, such as attending college, are expected to result in increased productivity and higher earnings in adulthood. These investments are not just about acquiring knowledge but also about improving one's ability to turn time into production. This can clearly be seen in the case of children in Guatemala receiving nutrition; their improved health, a form of human capital investment, led to higher productivity and earnings later in life.
The neoclassical economic perspective asserts that each individual's earnings and productivity largely depend on their personal choices relating to education and training. It suggests that enhancements in human capital through government investment in education should, theoretically, lead to economic growth, though this relationship is subject to scrutiny, especially concerning the effectiveness of government spending on education.