ISSN:
1573-174X
Source:
Springer Online Journal Archives 1860-2000
Topics:
Nature of Science, Research, Systems of Higher Education, Museum Science
Notes:
Abstract The Human Capital theory, as ordinarily defined, is a “content” theory of the economic value of a higher education to its recipient or his employer. But non-vocational higher education offers by definition no such content. So why does it yield a higher income? Various theories are examined: 1) The degree is an external test, vastly expensive to society but very cheap to individual employers; 2) The degree course forms character, and that is a kind of human capital; 3) The degree course exercises the mind, and develops it like a muscle; 4) The degree confers social status; 5) Insistence on a degree, including now vocational degrees, is a restrictive practice by many trade unions. People also seek non-vocational higher education because it is publicly financed. There is a “Robbinsian” supply curve of higher education facilities. This is profoundly irrational, but all parties react rationally to it. No evidence connecting degree certificates with income could distinguish between Human Capital and most of these other theories. Possible statistical tests are discussed.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF00153991
