ERIC Number: ED144211
Record Type: RIE
Publication Date: 1977-May-31
Reference Count: 0
Economic Analysis of Investment in Education. A Grant Award. Final Report.
Schultz, Theodore W.
The aim of this research project was to analyze the interaction of supply and demand factors in order to explain secular changes in the value of human time, with special reference to investment in education. The methodology used was an economic analysis that applied economic theory to determine the supply of and demand for education by treating education as an investment in future earnings and satisfaction. A major part of the research involved measuring increases in real wages and salaries from 1900 to 1975; short-term fluctuations were then analyzed as departures from the prevailing trend. An approach was designed to determine the economic value of human agents' ability to deal successfully with the economic disequilibria resulting from constantly changing economic conditions in a modernizing economy. Results of the analysis support the hypothesis that the level of education has a strong positive effect on human agents' ability to deal appropriately with the various economic disequilibria that occur as a consequence of modernization. (Author/JG)
Publication Type: Reports - Research
Education Level: N/A
Sponsor: National Inst. of Education (DHEW), Washington, DC.; Chicago Univ., IL.
Authoring Institution: N/A