ECON 3240 Lecture 7: Lecture 7 Human Capital
Document Summary
Talked about quantity of labour w/o discussing quality of labour and diff between individual workers. What"s human capital: skills, knowledge, abilities, general literacy, numeracy, cpu skills, critical thinking , specific skills directly related to specific occupation (e. g. nursing, carpentry, law) How do workers acquire human capital: education high school, college, university, job-specific training. Why are we interested in human capital: can explain why diff ppl earn diff wages, social benefits from education and training: Models of human capital acquisition: education as investment, signalling. Measuring the return to investing in education: empirical challenges and approaches to dealing w/ them. How do indv decide how much education to invest in: weighing costs and benefits associated w/ each year of schooling. What are the benefits from additional years of schooling: earnings reflecting productivity. What are @ the costs of additional years of schooling: direct costs books, tuition, etc. Diff levels of education associated w/ diff age-earnings profiles.