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Rates of Return Earned on Investment in Formal Technical Education in the Ante-Bellum American Economy

Published online by Cambridge University Press:  03 February 2011

Terry Mark Aldrich
Terry Mark Aldrich
Affiliation:
University of Texas
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Abstract

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Type
Summaries of Doctoral Dissertations
Information
The Journal of Economic History , Volume 30 , Issue 1 , March 1970 , pp. 251 - 255
Copyright
Copyright © The Economic History Association 1970

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References

1 For some suggestive evidence that these West Pointers must have had brief and unrewarding careers while at the Academy, see Ambrose, Stephen E., Duty, Honor, Country (Baltimore: Johns Hopkins University Press, 1966), pp. 128–30Google Scholar and 155–7.

2 Investment costs of on-the-job training in any year, j, were estimated according to the formula:

where Yj and Xj are, respectively, opportunity costs and earnings in that year. Total investment costs up to and including year j are simply C=ΣCj.