It can be claimed that education is simply a normal consumption good and that like all other normal goods, an increase in wealth will produce an increase in the amount of schooling purchased. Increased incomes are associated with higher schooling attainment as the simple result of an income...

Young people with little "social or health capital" may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a "rags to rags" sequence. First, diminishing marginal utility could raise the marginal benefit of hazardous consumption and...

In this paper, we undertake an assessment of the rapidly growing body of research on financial literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for...

In this paper, we undertake an assessment of the rapidly growing body of research on financial literacy. We start with an overview of theoretical research which costs financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for...