Education, Risk and Efficiency in Human Capital Investment
University of York Beijing Normal University The efficiency of the process of investment in human capital through education is of considerable importance both to the individuals involved and to the wider economy. The paper develops an analytical framework in which issues of the efficiency of such investment can be considered alongside its interface with the operations of the labour market, and in which the risks posed by such educational investments when the labour market is less than fully efficient can be analysed. These issues are of particular relevance in the context of the major expansions in higher education which have taken place in recent years, not least in China, which is now second in its share of all 25 â€“ 64 year olds internationally with tertiary education. The paper therefore complements its theoretical analysis with an empirical investigation of the risk factors which impact on the efficiency of this large-scale educational investment for individual graduates and for the wider economy
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