Family5 Humcap

Investing in Human Capital ,[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Investment in Human Capital

Increase in Educational Attainment ,[object Object],[object Object]

Age-Earnings Profiles of Full Time Workers, 2005

Age-Earnings With and Without College Age Annual Earnings 65 18 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],22 Future Extra Earnings (3) High School College Indirect Costs (2) Direct Costs (1)

Age-Earnings With and Without College ,[object Object],[object Object],[object Object],Age Annual Earnings 65 18 22 Future Extra Earnings (3) High School College No Indirect Costs (2) Direct Costs (1)

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Present Value of Future Income

[object Object],[object Object],Present Value $ 100.00 PV = ,[object Object],where i = 10% PV = ,[object Object],Payment 1 year from now 1 + Interest rate $ 110 1.10 =

Discounted Present Value 0 -$ 8,000 1.000 $ -8,000 1 2 3 $ 3,000 $ 4,000 $ 5,000 0.909 0.826 0.751 $ 2,727 $ 3,305 $ 3,755 $ 1,787 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Net Present Value of Earnings (4) Discount 1/(1+0.1) (3) Incremental Earnings (2) Year (1) PV of $8,000 Investment in Webmaster Training Program (Interest Rate = 10 %)

Present Value ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],PV = E 0 + E 1 (1 + r) + E n (1 + r) n E 2 (1 + r) 2 + + . . . . .

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Generalizations

Diminishing Returns to Schooling ,[object Object],[object Object],[object Object],[object Object],[object Object]

Demand for Human Capital Years of Schooling Discount rate ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Benefit of schooling (return) r AL r BOB 1 2 12 16 Cost of schooling

Rate of Return Per Year of College Education

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Statistical Problem

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Private vs. Social Perspective

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],On The Job Training

Implications ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Criticisms of Human Capital Theory

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Criticisms of Human Capital Theory

Increase in Educational Attainment

Family5 Humcap

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