Misallocation of Human Capital: The Perspective of Austrian School - Skala, Jakub
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Higher education is often considered as one of the safest and most profitable investments in human capital. There are, however, signals that this sector has been experiencing unsustainable economic boom in the United States. This study examines the ability of the business cycle theory provided by Austrian School to explain the possibility of such boom, i.e. to explain the potential systematic errors in the allocation of human capital. We find that respective allocation is driven by the similar market forces as the allocation of physical capital and hence, that it may fall victim to the same,…mehr

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Produktbeschreibung
Higher education is often considered as one of the safest and most profitable investments in human capital. There are, however, signals that this sector has been experiencing unsustainable economic boom in the United States. This study examines the ability of the business cycle theory provided by Austrian School to explain the possibility of such boom, i.e. to explain the potential systematic errors in the allocation of human capital. We find that respective allocation is driven by the similar market forces as the allocation of physical capital and hence, that it may fall victim to the same, or similar false market signals, thus creating the cycle of boom and bust.
Autorenporträt
Jakub Skala is a enthusiastic student of economics at Charles University in Prague. He is also the cofounder of Czech&Slovak Ludwig von Mises Institute, which attempts to promote Austrian school in his country.