Schooling, Experience, and EarningsMonograph on the economic analysis of personal investment in education and its relationship to lifetime wages, using data for White male workers of various educational levels in the USA - presents a human capital model based on aggregate earnings distribution, shows that increases in wages are due more to work experience than to age, etc., and finds that rates of return on investment in schooling decline as the educational level rises. Bibliography pp. 145 to 148 and statistical tables. |
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age group age profiles annual earnings average C₁ cent Chart Chiswick coefficient of determination cohort costs cross section decline differentials dispersion distribution of earnings distribution of schooling dollar variances E₁ earning capacity earnings distribution earnings inequality earnings profiles empirical equation estimates experience profiles Gompertz Gompertz curve gross earnings gross investment growth homoscedastic human capital investments human capital model income distribution increase ings investment ratios investments in human Jacob Mincer levels of schooling log earnings log variances logarithmic Mincer negative skewness net investment nonfarm observed earnings opportunity costs overtaking set panel correlations perience positive correlation positive skewness post-school investments rates of return Ratio scale regression regression analysis relative variances residual variance return to post-school return to schooling sample of U.S. school investments schooling and post-school schooling groups schooling level schooling model time-equivalent tion U.S. Census variable variance of log variances of earnings wage rates workers Y₁