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Explain these 8 criticisms against human capital theory. Marginal productivity is difficult to measure Measuring cost and benefits are problematic The benefits of education are
Explain these 8 criticisms against human capital theory.
- Marginal productivity is difficult to measure
- Measuring cost and benefits are problematic
- The benefits of education are not merely economic
- Disregard of quality and type of education.
- The ability to pay for education is overlooked.
- Importance perceptions of cost and benefits
- Innate abilities and family background also affect rewards.
- Education is not only investment but also consumption.
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