ON THE APPROPRIATE MODEL FOR ANALYZING INVESTMENT IN HUMAN CAPITAL WHERE THE CAPITAL MARKET IS IMPERFECT

Alan Gustman ()

Review of Income and Wealth, 1973, vol. 19, issue 3, 303-305

Abstract: This paper suggests a modification of the Becker–Chiswick model for analyzing investment in human capital where the capital market is imperfect. The modification essentially involves the addition of a consumption function to the model. As a result it is possible to include the effects of human capital investment on a student's income expectations, on consumption, and thereby on the availability of funds for the student to finance investment in human capital.

Date: 1973
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