This study recommends employing "human capital contracts" wherein students agree to pay a percentage of their income over time in exchange for funds to finance their education. The main difference between "human capital contracts" and loans is the variable value of the payments students make during the repayment period. Their financial consequences, of risk transfer from students to investors and increased information regarding future graduates' earnings, make the contracts an attractive alternative in funding higher education.
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Book Description
Editorial Reviews
Review
'Miguel Palacios Lleras has written the authoritative work on the revolution that is underway to integrate human capital into our financial system. The book makes the dimensions of this revolution clear, and provides real impetus and inspiration to propel it to the next level in the future. The results for our society and our lives will be profound.' Robert J. Schiller, Yale University, and author of The New Financial Order and Irrational Exuberance
'Little can be more important to the welfare of our civilization than finding ways to match educational opportunities to human capability. Too often, human resources are squandered by failure to make these opportunities available to deserving but poorly financed individuals. Investing in Human Capital describes an exciting remedy: equity investments in the fruits of educational investment. Although this idea is not new, it is virtually untried and this book more than any other shows in detail how to turn it into a successful reality.' Mark Rubinstein, Haas School of Business, University of California, Berkeley
'Little can be more important to the welfare of our civilization than finding ways to match educational opportunities to human capability. Too often, human resources are squandered by failure to make these opportunities available to deserving but poorly financed individuals. Investing in Human Capital describes an exciting remedy: equity investments in the fruits of educational investment. Although this idea is not new, it is virtually untried and this book more than any other shows in detail how to turn it into a successful reality.' Mark Rubinstein, Haas School of Business, University of California, Berkeley
Book Description
Financing Human Capital argues for the use of instruments in which students agree to pay a percentage of their income during a specified period of time in exchange for funds to finance their education. Such instruments are named 'human capital contracts' and the main difference with respect to loans is the variable value of the payments students make during the repayment period. The financial consequences of human capital contracts-risk transfer from students to investors and increased information regarding future graduates' earnings-make them an attractive alternative for funding higher education.
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4 of 4 people found the following review helpful:
5.0 out of 5 stars
Immensly inspiring for the future,
By "tgilbert31" (Berkeley, CA, USA) - See all my reviews
This review is from: Investing in Human Capital: A Capital Markets Approach to Student Funding (Hardcover)
Well, I am slightly biased since the author is a friend of mine, but I'll do my best to be neutral in this review.This is a very good book that can help us (society) come up with a better way of financing higher education. We should be in a world where anybody capable should be allowed to go to university. Unfortunately, there are so many barriers, and the highest one is probably the financing one, i.e. how to pay for the education we want to receive, and how not to solely depend on the governement to pay for it. This book explains in great details, with lots of supporting data, how the creation of a new type of securities, human capital contracts, can allow us to solve this problem. It is tremendously inspiring, and should become an essential part of any policy maker's library. Well done Miguel!!!
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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Inside This Book
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First Sentence:
THIS book addresses a way of financing education based on its economic value, through an arrangement defined as a human capital contract (HCC). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
human capital contracts, partial slavery, graduate tax, capital options, maximum repayment period, screening hypothesis, repayment schemes, financing education, financing higher education, professional schooling, tax collection agencies, tax collection agency, education financing, human capital earnings, subsidized interest rate, forgone earnings, strike price Key Phrases - Capitalized Phrases (CAPs): (learn more)
New Zealand, Human Capital Table, Roy Chapman, Tuition Postponement Program, University Credit, Alma Mater, Milton Friedman, Australia's Higher-Education Contribution Scheme, United States New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
THIS book addresses a way of financing education based on its economic value, through an arrangement defined as a human capital contract (HCC). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
human capital contracts, partial slavery, graduate tax, capital options, maximum repayment period, screening hypothesis, repayment schemes, financing education, financing higher education, professional schooling, tax collection agencies, tax collection agency, education financing, human capital earnings, subsidized interest rate, forgone earnings, strike price Key Phrases - Capitalized Phrases (CAPs): (learn more)
New Zealand, Human Capital Table, Roy Chapman, Tuition Postponement Program, University Credit, Alma Mater, Milton Friedman, Australia's Higher-Education Contribution Scheme, United States New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Citations (learn more)
This book cites 15
books:
See all 15 books this book cites
- Future Wealth by Stanley M. Davis on page 50, and Back Matter
- Deferred Cost Recovery for Higher Education: Student Loan Programs in Developing Countries (World Bank Discussion Paper) by Douglas Albrecht in Back Matter
- An Introduction to the Economics of Education (Modern Revivals in Economics) by Mark Blaug in Back Matter
- Public Policy by Christopher A. Simon in Back Matter
- Principles of Corporate Finance (McGraw-Hill/Irwin Series in Finance, Insurance, and Real Est) by Richard A. Brealey in Back Matter
See all 15 books this book cites
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