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What does human capital theory assume?
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- How does a college education increase ones human capitalIn what sense is education a type of capital?"Human capital theory is not so much wrong as it is incomplete." Explain this statement. What does the theory leave out? What are the strengths of the theory? What questionable assumptions does it make?
- During the 1970s, the wages of high school graduates rose more than the wages of college graduates. During that same time, the fraction of high school graduates enrolling in college decreased substantially. Is this decrease in the college enrollment rate consistent with the human capital model of education? Explain (make sure to explain what the human capital model of education is as part of your answer.4.9 Going to Law School at the Age of 50. Although we might admire someone who decides to attend law school at the age of 50, explain using human capital theory why this is so rare.What are the endogenous variables in the labor market model?