ECONOMIC ANALYSIS OF EDUCATION IN POST-WAR AMERICA: NEW INSIGHTS FROM THEODORE SCHULTZ AND JOHN KENNETH GALBRAITH

Human capital theory has suffered much criticism. The filter theory of education (Arrow 1973), the theory of education as a “signal” (Spence 1973), and the theory of “screening” (Stiglitz 1975), for instance, have seriously challenged it from within mainstream economics, and heavy criticism has also... View More