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

  • Gary S. Becker
  • Kevin M. Murphy

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://dx.doi.org/10.1086/524715
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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
DOI: 10.1086/524715
Contact details of provider: Web page: http://www.journals.uchicago.edu/JHC/

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  1. Isaac Ehrlich & Yong Yin, 2004. "Explaining Diversities in Age-Specific Life Expectancies and Values of Life Saving: A Numerical Analysis," NBER Working Papers 10759, National Bureau of Economic Research, Inc.
  2. R. Dornbusch & S. Fischer & P. A. Samuelson, 1976. "Comparative Advantage, Trade and Payments in a Ricardian Model With a Continuum of Goods," Working papers 178, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Daron Acemoglu & Joshua Linn, 2004. "Market Size in Innovation: Theory and Evidence from the Pharmaceutical Industry," The Quarterly Journal of Economics, Oxford University Press, vol. 119(3), pages 1049-1090.
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