SOC224H5 Lecture Notes - Lecture 9: Barista, Human Capital, Market Saturation
Document Summary
Ed u c a tio n a n d th e la b o u r ma rke t. Legitimation: schools are legitimated by, human capital theory, credentialism. Knowledge-based economy: knowledge-based economy: a system of consumption and production that is characterized by the production of intellectual goods and services, emphasizes technological advancement, and rewards workers for their knowledge and skills. The costs are outweighed by the benefits. According to hct, university is the place where you can gain the skills needed to result in that payoff. In short: cost/benefit assessment to gauge investment, greater investment = greater rewards, education will provide you with the necessary skills. The evidence: the individual: subsequent earnings offset original costs, macro/societal level: skilled labour forces more productive and attract investment, global level: governments; calling for further expansion of higher education. The more years you"ve spent in school, the higher your income will be.
