The Relationship between Individual’s Education and Income in Canada
QUESTION
- In the begining, introduction of the topic and your personal hypothesis (positive relation) based on economic theory (human capital theory)
- Select three literature reviews (the relationship of these two variables in Canada is preferable) to discuss their argument, their methodology, comparing the similarities and differences among them (do not write the three literature review one by one, combine and assemble them together).
- Give a conclusion of the opinion for these literature review on the application of the topic.
SAMPLE SOLUTION
Education plays an essential role in contemporary labour marketplaces. Several studies in various nations as well as time periods have showed that better-educated people earn higher incomes or wages, experience less unemployment, and work in extra prestigious careers that their less-educated fellows (Orley et al., 1999; Becker, 1975; Griliches, 1977). Notwithstanding the overwhelming proof of a positive relationship between labour marketplaces and education status, social scientists have been careful to make strong inferences regarding the causal effect of education/schooling on income (Seetman, 2000). The question regarding economic worth for a person obtaining a higher education level has for a long time preoccupied the minds of policy-makers and economists in Canada and globally. Therefore, this paper critically examines the relationship between an individual’s education and income within Canada by carefully considering how education affects income in Canada.
Under the concept of human capital, education is perceived as an investment in human capital that increases the future of people in the place of work (Griliches, 1977). Considering education as a human capital implies that just like other investments, there are both benefits and costs to the investment in education. The principal cost of education is the worth of time people spend capitalizing in education. The economic return to education (RTE) is classically determined using Mincer-type regression of the form log(y) = a + b S + other factors + e, where y is earnings and S the number of years of education (Mincer, 1974).
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