Highlight the criticism leveled against the theory of human capital.

Highlight the criticism leveled against the theory of human capital.

a.Dead end jobs; the theory states that if one is in a dead end job i.e. a watchman ,messenger, one cant rise to higher status .this is false because individuals are known to get higher pay even in lower jobs
b.Consumption motive: we can’t treat all edu as investment, part of it is for consumption, the consumption motive influences pple to receive education and invest human capital
c.Educated and unemployed; the theory assumes the problem of educated unemployed like in kenya n India where we have individuals who are educated who can’t get jobs in both private n public sectors
d.Human capital theory fails to explain why level of economic development in developing countries to be low yet this countries invest a large volume of national budgets in education
e.Human capital theory fails to explain why workers with same qualification are in different sectors of economy
f.The contribution of edu to economic growth is difficult to isolate and assign numerical value because, economic growth can be felt due to the influence of political, social n technological changes taking place in an economy

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sharon kalunda answered the question on March 7, 2019 at 12:07

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