4. The subsidizing of basic research for example. I have interpreted education narrowly so as to exclude considerations of this type which would open up an unduly wide field.

5. The increased return may cash loans Snead AL be only partly in a monetary form; it may also consist of non-pecuniary advantages attached to the occupation for which the vocational training fits the individual. Similarly, the occupation may have nonpecuniary disadvantages, which would have to be reckoned among the costs of the investment.

6. For a more detailed and precise statement of the considerations entering into the choice of an occupation, see Milton Friedman and Simon Kuznets, Income from Independent Professional Practice, (National Bureau of Economic Research, N.Y., 1945). pp. 81-94, 118-37.

9. Education and Economic Well-Being in American Democracy , (Educational Policies Commission, National Education Association of United States and American Association of School Administrators, 1940). Continue reading Employment and Compensation in Education, (National Bureau of Economic Research, Occasional Paper 1111, 1950) →