SOCB26H3 Lecture Notes - Lecture 10: Credentialism And Educational Inflation, Human Capital
Document Summary
A knowledge based economy that we have presently, more and more jobs are going to require cognitive skills as a necessity. Schools generate cognitive skills which human capital see as a prerequisite for performing well in knowledge based society. Human capital theory assumes that individuals (young people in particular) as well as families invest their time, effort and money in education because there are personal economic prosperity is dependent on schooling system. Similarly, governments make a similar assumption, namely resources of education contributes to productive society. The argument of the human capital theory is that the better educated the society; the more prosperous the living comes. The more that we invest in education, the more educational qualifications we have and the better we have for maximizing our chances for a decent job. Studies show that people with the most education do earn the most money.
