Human Capital
I. The Economic Returns to Schooling—Theory
- Equalizing differences in a homogeneous world
- Optimal schooling with heterogeneous ability and opportunity
- HK production vs screening and sorting
II. Returns-to-Schooling ‘Metrics
- The causal effect of schooling on wages
- OVB
- Theoretical predictions for the sign of OVB (“ability bias”)
- Econometric solutions to the OVB problem
- Estimates of the returns to schooling
- Discount rate bias
- Evidence on the screening hypothesis
III. Returns to Experience
- Specific and general human capital
- Who pays for your human capital?
- Theoretical origins of the Mincer earnings function
- Estimates of the returns to experience
