Does the optimal amount of schooling for an individual increase, decrease or remain unchanged in the following situation...
Does the optimal amount of schooling for an individual increase,
decrease or remain unchanged in the following situation: the skills
the person acquired in school depreciate over time, perhaps because
technological change makes the things they learned in school
obsolete.
NOTE: to receive full credit make sure you explain the logic behind
your choice.
Homework Answers
Answer: Decrease
If the skills the person acquired in school depreciate over time, because the technological change makes the things they learned in school obsolete, then the optimal amount of schooling for an individual will decrease. We go for schooling to acquire knowledge, skill, and at last get a diploma/degree. The entire schooling needs investment of money and time. Now, If the skills a person acquired in school depreciate over time, then the benefits of investments in education will fall. As a result, the optimal amount of schooling for that individual will decrease.
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Does the optimal amount of schooling for an individual increase, decrease or remain unchanged in the following situation...
Suppose people with 15 years of schooling average earnings of $60,000 while people with 16 years...
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