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However, there is still considerable uncertainty over what types of human capital are most important.
The emphasis on this type of capital was justified for its importance among types of human capital and the transferability of the analysis for other types of human capital.
However, and crucially, all those other types of human capital relies more heavily on abstract knowledge than dual VET.
These problems, which affected to a greater or lesser extent all types of human capital, emphasised the limited usefulness of this approach in terms of policy-making and individual investment decisions (Shaffer [1961]).
Another set of criticisms referred to the fact that education and other types of human capital omitted the impact of very important differences in terms of personal traits, such as ability and socio-economic factors, something that Becker was also concerned with (as seen above).
In the estimation sample, we count them twice, once as income and at the same time as expenditure.2 We aggregate expenditure data from the survey into two consumption categories (food and housing), two types of human capital investment (education and health) and one other (miscellaneous) category (see Table 1 for more details on the categories).
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For example, an automotive engineer might not buy automotive stocks – and might even short them – as a way to hedge the risk to his or her own particular type of human capital.
Some argued that there would be an overestimation of the returns to this type of human capital, which would capture the effect of factors such as experience, natural ability, social class, and family connections (Renshaw [1960]).
If firms provide a higher level of specific training to workers under permanent contracts than to those under temporary contracts, the loss of this type of human capital will be larger for the first type of workers than for the second.
A better understanding of the importance of human capital requires the construction of measures that distinguish between these two types of skills.
Above a critical level of human capital and labor income, monogamy turns out to be the unique mating type in equilibrium.15 There are two channels in which the increase in human capital and labor income decreases the degree of polygyny, although each of these channels alone might lead to the disappearance of polygyny.
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