30 August, 11:38
Although we might admire someone who decides to attend medical school at the age of 50, explain using human capital theory why this is so rare.
30 August, 12:26
Human Capital Theory is said to be one of the most prominent economic theory of Western education, acting as the background of government policies from the early 1960s.
In modern Human Capital Theory all human form of behavior is guided by the economic self-interest of individuals functioning without restraints in competitive markets.
The benefits of attending medical school at the age of 50 are much lesser than a just out college graduate. This is due to the fact that there would be little amount of time to be spent acquiring more income as there is shorter time range for the fellow to add his/her labor (age difference). When looking at the recent graduate, the same investment gives result that yields extra profit for the younger person (when compared to the 50 year old) mainly due to the availability of the younger person to have more time to get extra profit.
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» Although we might admire someone who decides to attend medical school at the age of 50, explain using human capital theory why this is so rare.