Rittenberg L.T.

Human capital is used for acquiring knowledge and skills which increase individuals' value and productivity. Such skills are experience, training, and education. These skills aids in providing resources to enhance economic growth, and produce new businesses and technologies.

Despite affording costs in the United States, college education has raised individual's income. More educated persons have higher IQs and well educated and rich parents. Similarly, above hundred other nations with diverse cultures and economic systems, educated people have the same standards.

From the viewpoint of individuals, the college education increases benefits and income, while from the viewpoint of society; it enhances desirable social norm and values, communication and democracy, and produces effective leaders. Its monetary benefits include lowering of the probability of unemployment. On the other hands, non-monetary benefits include psychological benefits i.e. social acceptance, ability to communicate better, and make wise decisions.

On the labor market experience, obtained...
[ View Full Essay]