4. The subsidizing of basic research for example. I have interpreted education narrowly so as to exclude considerations of this type which would open up an unduly wide field.
5. The increased return may be only partly in a monetary form; it may also consist of non-pecuniary advantages attached to the occupation for which the vocational training fits the individual. Similarly, the occupation may have installment loans in Mississippi nonpecuniary disadvantages, which would have to be reckoned among the costs of the investment.
6. For a more detailed and precise statement of the considerations entering into the choice of an occupation, see Milton Friedman and Simon Kuznets, Income from Independent Professional Practice, (National Bureau of Economic Research, N.Y., 1945). pp. 81-94, 118-37.
9. Education and Economic Well-Being in American Democracy , (Educational Policies Commission, National Education Association of United States and American Association of School Administrators, 1940).
10. Despite these obstacles to fixed money loans, I am told that they have been a very common means of financing university education in Sweden, where they have apparently been available at moderate rates of interest. Presumably a proximate explanation is a smaller dispersion of income among university graduates than in the United States. But this is no ultimate explanation and may not be the only or major reason for the difference in practice. Continue reading “Employment and Compensation in Education, (National Bureau of Economic Research, Occasional Paper 1111, 1950)”