Volume 24, Number 2 (Spring) 1989
Gullason, Edward T. 1989. "The Consumption Value of Schooling: An Empirical Estimate of One Aspect." Journal of Human Resources 24(2):287-298.
The purpose of this paper is to demonstrate by example that human capital is more than just a capital good in the strictest sense of the term. Certain forms of human capital have consumption value in addition to the value of the increased stream of future monetary and nonmonetary benefits. A method for empirically estimating the consumption value of schooling as a vehicle to avoid the Vietnam War draft is presented.
The author is an assistant professor of economics at the Barney School of Business and Public Administration, University of Hartford. This paper is an edited version of CHAFE Working Paper #84-16, "Human and Physical Capital: A Review and Reassessment," which was also the second chapter of the author's doctoral dissertation in economics written at the University of Pennsylvania. The author greatly appreciates the help of Jere Behrman, Anil Deolalikar, Paul Taubman, and two anonymous referees. Aline Quester introduces the author to several software packages. Cheney Eng-Tow provided excellent research assistance. The author assumes responsibility for any errors.
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