Estimated returns on investment in education on the wages of heads of household in Colombia for 2018
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Keywords
Human capital, returns to education, regression models, wages, heads of household
Abstract
Returns to education, measured through the wages received by workers, are a way of measuring how profitable it is for an individual to invest both in time and financial resources. Workers bear an opportunity cost when they decide to spend their time improving their skills and expecting better returns measured in their earned wages. This article seeks evidence to corroborate how profitable, for a Colombian worker, the resources dedicated to their training. From the theory of human capital, a model is constructed that estimates these returns along with other elements that specify the average salary of a Colombian worker.
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Héctor Javier Fuentes López, Francisco José de Caldas District University (Colombia)
Economist, PhD student in Economics. Plant teacher. Faculty of Engineering. Francisco José de Caldas District University (Colombia).
Leonardo Emiro Contreras Bravo, Francisco José de Caldas District University (Colombia)
Engineer, Doctoral student in engineering, Plant teacher. Faculty of Engineering. Francisco José de Caldas District University (Colombia).
Karolina González Guerrero, Militar University of New Granada, Colombia
Graduate, Doctor of Education. Plant teacher. Faculty of distance studies. Militar University of New Granada.