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Education and Consumption: The Effects of Education in the Household Compared to the Marketplace

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  • Gary S. Becker
  • Kevin M. Murphy

Abstract

This article considers various differences between the effects of education in the marketplace and households. It shows that the household sector rewards skills that are useful at the many tasks that household members must execute, whereas the marketplace rewards skill at specialized tasks. In addition, increased supplies of more educated persons reduce returns to education in the marketplace, whereas if anything, increased supplies raise household returns to education. The greater demand over 40 years for household and market skills may have raised returns to education in households compared to those in the market sector.

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File URL: http://www.journals.uchicago.edu/cgi-bin/resolve?id=doi:10.1086/524715
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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Human Capital.

Volume (Year): 1 (2007)
Issue (Month): 1 ()
Pages: 9-35

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Handle: RePEc:ucp:jhucap:v:1:i:1:y:2007:p:9-35

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Web page: http://www.journals.uchicago.edu/JHC/

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Cited by:
  1. Shelly Lundberg & Robert A. Pollak, 2013. "Cohabitation and the Uneven Retreat from Marriage in the U.S., 1950-2010," NBER Chapters, in: Human Capital in History: The American Record National Bureau of Economic Research, Inc.
  2. Blomquist, Glenn C. & Coomes, Paul A. & Jepsen, Christopher & Koford, Brandon C. & Troske, Kenneth, 2009. "Estimating the Social Value of Higher Education: Willingness to Pay for Community and Technical Colleges," IZA Discussion Papers 4086, Institute for the Study of Labor (IZA).
  3. Isaac Ehrlich & William A. Hamlen Jr. & Yong Yin, 2008. "Asset Management, Human Capital, and the Market for Risky Assets," NBER Working Papers 14340, National Bureau of Economic Research, Inc.
  4. Francisco J. Buera & Joseph P. Kaboski, 2009. "The Rise of the Service Economy," NBER Working Papers 14822, National Bureau of Economic Research, Inc.
  5. Ali Ait Si Mhamed & Rita Kaša, 2010. "Comparing tertiary graduates with and without student loans in Latvia," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 10(2), pages 49-62, December.
  6. Darrell J. Glaser & Ahmed S. Rahman, 2010. "The Value of Human Capital during the Second Industrial Revolution—Evidence from the U.S. Navy," Departmental Working Papers 28, United States Naval Academy Department of Economics.

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