Risks to Human Capital

Tuition, Debt, and Human Capital

“…Third, our paper contributes to a literature that studies the aggregate dynamics of human capital accumulation (Galor and Moav, 2004;Lustig and Van Nieuwerburgh, 2006;Lochner and Monge-Naranjo, 2011;Cordoba and Ripoll, 2013;Cadena and Keys, 2015;Ebrahimian and Wachter, 2020). We show that through its effect on debt, bachelors' completion and graduate school enrollment, tuition can have important aggregate and distributional effects on the accumulation of human capital, and potentially on subsequent investment decisions due to higher levels of student debt.…”

“…Our paper contributes to several strands of the literature. First, we contribute to the literature that studies the consequences of the large and increasing stock of student liabilities, including student debt (Lustig and Van Nieuwerburgh, 2006;Rothstein and Rouse, 2011;Looney and Yannelis, 2015;Cadena and Keys, 2015;Mezza et al, Forthcoming;Brown et al, 2016;Amromin et al, 2016;Scott-Clayton and Zafar, 2016;Goodman et al, 2017;Bleemer et al, 2017;Lucca et al, 2018;Mueller and Yannelis, 2019a;Ebrahimian and Wachter, 2020;Chakrabarti et al, 2020). Our paper contributes to this literature by providing causal evidence that tuition increases lead to increases in student debt and reductions in human capital accumulation.…”

Saving Human Capital In A Digital Epoch

“…This is partially due to the fact that the Russian higher education system focuses on economic growth instead of human and personal development. We identify human capital as a personified cognitive resource, active independence, which entails subjective-personal, psychological well-being, that is a QOL descriptor (Bloom, 2020;Ebrahimian & Wachter, 2020;Kasaeva & Esankulova, 2020). In digital civilization, the main risk-generating factor in the development of human capital is ultrafast life, the turbojet transformation of the world, information oversaturation, unstable social and personal existence of a human, the rapid replacement of the biological principle of life with the artificial one (Kravchenko, 2017;Volodin et al, 2017).…”