Advertisement

Human Capital

  • Geraint Johnes
Chapter

Abstract

Economic agents are utility maximisers. Every time we make a choice we select the alternative which yields the greatest utility, subject to the resources available. Sometimes the utility which we derive is enjoyed in the short run (like a take-away meal); sometimes it is enjoyed over a longer period (like household durable goods). In all cases, though, the decision is made on the basis of the discounted stream of expected utility over the period from the present up to the time horizon.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Arrow, K. (1973) ‘Higher education as a filter’, Journal of Public Economics, 2, 193–216.CrossRefGoogle Scholar
  2. Becker, G. S. (1964) Human Capital (New York: Columbia University Press).Google Scholar
  3. Ben-Porath, Y. (1967) ‘The production of human capital and the life cycle of earnings’, Journal of Political Economy, 75, 352–65.CrossRefGoogle Scholar
  4. Blanchilower, D. G. and Oswald, A. J. (1989) ‘The wage curve’, Centre for Labour Economics Discussion Paper 340, London School of Economics; condensed version published (1990) in the Scandinavian Journal of Economics, 92, 215–35.CrossRefGoogle Scholar
  5. Blaug, M. (1970) An Introduction to the Economics of Education (Harmondsworth: Penguin).Google Scholar
  6. Dixit, A. K. (1990) Optimization in Economic Theory (Oxford University Press).Google Scholar
  7. Haley, W. J. (1973) ‘Human capital: the choice between investment and income’, American Economic Review, 63, 929–44.Google Scholar
  8. Heckman, J.J. (1976) ‘A life cycle model of earnings, learning and consumption’, Journal of Political Economy, 84, S11–S44.CrossRefGoogle Scholar
  9. Horowitz, S. P. and Sherman, A. (1980) ‘A direct measure of the relationship between human capital and productivity’, Journal of Human Resources, 15, 67–76.CrossRefGoogle Scholar
  10. Huffman, W. E. (1981) ‘Black-white human capital differences: impact on agricultural productivity in the US south’, American Economic Review, 71, 94–107.Google Scholar
  11. Lang, K. and Ruud, P. A. (1986) ‘Keturns to schooling, implicit discount rates and black-white wage differentials’, Review of Economics and Statistics, 68, 41–7.CrossRefGoogle Scholar
  12. Layard, P. R. G. and Psacharopoulos, G. (1974) ‘The screening hypothesis and the returns to education’, Journal of Political Economy, 82, 985–98.CrossRefGoogle Scholar
  13. Levin, H. M. (1980) ‘Educational vouchers and social policy’, in Guthrie, J. W. (ed.), School Finance Policies and Practices (Lexington, Mass.: Ballinger).Google Scholar
  14. Meng, R. (1987) ‘The earnings of Canadian immigrant and native-born males’, Applied Economics, 19, 1107–19.CrossRefGoogle Scholar
  15. Mincer, J. (1974) Schooling, Experience and Earnings (New York: National Bureau for Economic Research).Google Scholar
  16. Murphy, K. M. and Welch, F. R. (1989) ‘Wage premiums for college graduates’, Educational Researcher, 18, 5, 17–26.CrossRefGoogle Scholar
  17. Murphy, K. M. and Welch, F. R. (1990) ‘Empirical age-earnings profiles’, Journal of Labor Economics, 8, 202–29.CrossRefGoogle Scholar
  18. Pontryagin, L. S., Boltyanskii, V. G., Gamkrelidze, R. V. and Mischenko, E. F. (1962) The Mathematical Theory of Optimal Processes (New York: Wiley).Google Scholar
  19. Psacharopoulos, G. (1975) Earnings and Education in OECD Countries (Paris: OECD).Google Scholar
  20. Rosen, S. (1976) ‘A theory of life earnings’, Journal of Political Economy, 84, S45–S68.CrossRefGoogle Scholar
  21. Spence, M. (1973) ‘Job market signalling’, Quarterly Journal of Economics, 8, 355–74.CrossRefGoogle Scholar
  22. Williams, G. and Gordon, A. (1981) ‘Perceived earnings functions and ex ante rates of return to post-compulsory education in England, Higher Education, 10, 199–227.CrossRefGoogle Scholar
  23. Wilson, R. A. (1987) ‘The determinants of the earnings of professional engineers in Great Britain in 1981’, Applied Economics, 19, 983–94.CrossRefGoogle Scholar

Copyright information

© Geraint Johnes 1993

Authors and Affiliations

  • Geraint Johnes

There are no affiliations available

Personalised recommendations