Simon Wigley|Arzu Akkoyunlu-Wigley
Human Capabilities Versus Human Capital: Guaging the Value of Education in Developing Countries
Bilkent University|Hacettepe University
purpose study defend view education evaluated terms capability achieve valued functionings rather mental satisfaction resources keeping amartya sens capabilities approach argue mental satisfaction provides inaccurate metric wellbeing phenomenon adaptive preferences equally resources cannot used metric wellbeing inequalities ability convert income commodities valued functionings hence interpreting education means create human capital also impoverished evaluates education solely terms accumulation resources order provide evidence support human capabilities approach statistically examine channels educational attainment affects health functionings implied life expectancy using panel data analysis 35 developing countries years 1990 1995 2000 compare health functionings indicated life expectancy achieved income growth generated educational attainment total health functionings achieved educational attainment find educational attainment indicated average years schooling significant effect life expectancy independently effect way income growth 1 increase per capita income increases life expectancy 0073954 1 increase average years schooling directly increases life expectancy 0055324 shows income underestimates health functionings achieved educational attainment empirical findings lend support claim value education measured terms capability functioning rather resources