Education and Human Capital
Colleges indeed develop social skills, help individuals identify with peers, and inculcate productive behavior – particularly important for students that did not grow up in an environment conducive to these habits. However, college also contains a considerable consumption component (this is no longer the exclusive domain of elite four-year colleges), and as information technology continues to advance at a breathtaking pace, so too does the opportunity for individuals to acquire important human capital outside of the academy. Despite the dizzying array of colleges, the forgoing factors might give one pause before urging the masses of Americans to attend college as the best way for them to accumulate human capital. These same factors are making it increasingly likely that the super-talented will eschew such formal training in favor of more customized real-life education.
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