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Human Capital Theory

→ It is an investment because costs are incurred, both explicit, in the form of fees, and implicit, in the form of “hardship”, as well as opportunity cost of staying in school while the individual could begin his career. Like most of studies in Economics, the optimal choice is dependent on the balance between benefits and costs. There is an additional element in the study of this cost and benefit of investment in human capital, that of private versus social cost and benefit. As the terms imply, the former pertain to the individual agent’s personal cost in terms of hardship (which is a function of their innate talent), and opportunity cost (which is a function of personal network, and opportunities available at any given time). The latter pertains to the optimal choice if there was one individual who could make a binding choice for everyone of us.