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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
Abstract
- Type
- Summaries of Doctoral Dissertations
- Information
- Copyright
- Copyright © The Economic History Association 1970
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.
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