Investment in Schooling and Training - Higher Education and College
By Gary Becker - University of Chicago
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443
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Lecture Description
"This the tenth lecture in the ""Lectures on Human Capital"" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information.
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Professor Becker continues to elaborate on the decision to attend college. He also discusses hypotheses for why the cost of tuition has risen. Becker then discusses the consequences of this rise in tuition and how it affects the cost functions of different industries. He explains why many people misunderstand the causation of the rise in tuition and illustrates what he believes are the correct forces.
He discusses how the recursive property of human capital is present in this context. Also, he explains why students have a better deal in these days than they had in the past. He questions if college subsidization causes a progressive taxing structure. He claims that the benefits of going to college are mostly private ones and illustrates why there are not large externalities associated with college education.
He gives a theoretical and an empirical discussion about the college/high school wage gap in the U.S. He offers facts of other developed and developing countries as well. He also dicusses the extremely negative consequences of dropping out of high school: ""high school drop outs are socially condemned in almost every dimension"". Finally, he explains why people drop out.
Key concepts: benefits of going to college, high school drop out, externalities from education, sheepskin effect, subsidies to education, rising cost of college tuition."
Course Description
"This series of lectures recorded during the Spring of 2010 are from ECON 343 -- Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize.
In total, there are 19 lectures. Each lecture includes a short description of topics covered as well as topical keywords. The interested viewer is also provided with references to books and journal articles from Gary Becker's own original research that bear on the topics discussed in each lecture. Additionally, the viewer is also referred to the appropriate section of a freely available and informal set of student notes. These lecture notes are provided as-is and the author, Salvador Navarro Lozano cannot accept responsibility for any typos or errors. Much of the lecture material already appears in one of Gary Becker's academic books and those remain the best source of information in case of any doubts.
Over the years, thousands of graduate students in Economics, Sociology, Public Policy, and other fields have benefited from the teachings of Gary Becker in his Human Capital class. We hope that by providing these lecture videos and notes that people around the world can increase their own human capital and enjoy studying this fascinating subject of human capital as taught by Gary Becker.
Filmed by: Joey Brown
Lecture Summaries: Jorge L. Garcia
Lecture Notes: Salvador Navarro Lozano
Supported by: The Becker Center at the Booth School of Business at the University of Chicago"
