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Essay / Research Paper Abstract
This 5 page paper considers how the introduction of student loans scheme foe university students fits in with human capital theory. The writer considers the value of education as an investment to both the country and the individual. New Zealand is used as an example, but the theories are equally valid for other countries or areas. The bibliography cites 3 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEstulon.rtf
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Unformatted sample text from the term paper:
that are required to gain better jobs. These may be higher paying jobs, vocational employment or position with a higher degree of kudos. In most countries there will be a
loan scheme to help students pay their way through university. In New Zealand the state used to pay 95% of university fees however the system was not sustainable, and plans
in 1991 brought a change in 1992 when the loan system was introduced (Varsity, 2002). The loans were aimed at helping with fees, aid with books and stationary and also
a contribution towards living costs. The loans carried interest and were repayable (Varsity, 2002). Interest could be written off is specific circumstances, such as years when the student was still
studying. When a threshold was reached the amounts would be payable as a 10% tax on all earnings over a certain limit (Varsity, 2002). The move towards loans is always
controversial, and if we consider this inline with human capital theory then we can start to appreciate the various aspects of the controversy. Human capital theory may be seen
as a variation on general capital theory. It was in the nineteenth century the use of capital theory was that wealth was leveraged form the tangible capital assets of a
business such as plant and machinery. The aspect of the human element was that it was the labour and the labour alone that was being paid for in the wages
as the machinery added the rest of the value apart form the actual labour. This meant that the theory stipulated that the added value, or the incremental value was added
not by the person, but by the machine. This can be seen as in line with the theories of men such as Frederick Winslow Taylor and the principles of scientific
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