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Essay / Research Paper Abstract
3 pages in length. Human capital is defined as the "skills and knowledge embodied in an individual" (Florides, no date); as such, the aspect of investing in human capital equates to the level of return a company might receive by putting in some type of commodity. One might readily draw the analogy between human capital and expensive machinery, whereas the return a company might receive from a particular individual is directly related to the amount of time and money put into his or her education and training. Bibliography lists 4 sources.
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3 pages (~225 words per page)
File: LM1_TLCHumCap.rtf
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of return a company might receive by putting in some type of commodity. One might readily draw the analogy between human capital and expensive machinery, whereas the return a
company might receive from a particular individual is directly related to the amount of time and money put into his or her education and training. "The simplest explanation of
the universal association between education and earnings across sectors, industries and occupational categories around the world is that the better educated are generally more flexible and more motivated, adapt themselves
more easily to changing circumstances, benefit more from work experience and training, act with greater initiative in problem-solving situations, assume supervisory responsibility more quickly and, in short, are more productive
than the less educated, even when their education has taught them no specific skills" (Florides, no date). The manner by which investment in human capital impacts wage differentials is
by way of varying criteria between any two individuals. For example, an older candidate is less likely to have a significant amount of education/training spent on him when compared
to a younger, more profitable person. Similarly, the wage differentials between gender is based upon the expectation that women are more prone to answer the call of marriage and
motherhood, ultimately leaving the workforce not long after having what would be a tremendous amount of time and money invested in her professional future. Companies cannot take such a
tremendous gamble when it comes to laying out that type of risk investment, which is why men are given the opportunity for advancement at a much higher rate than their
female counterparts (Becker, 2002). Investment in human capital helps to explain real wage rates in the form education. For instance, high school dropouts have experienced a real wage rates
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