- Investing in a Gold Mine...Called Anastasia
- Securitizing Human Capital
- Are College Graduates Truly Wealthier?
- The Best-Paying Careers?
- Minor Initial Differences Magnify over Time
- How Investing in Human Capital Pays
- College Grads Learn to Buy Different Assets
- Could the Fortunes of College Graduates Wane?
- Does the Ivy League Pay Greater Dividends?
- Distinct Groups of Students—And "Fun Capital"
- Did Anastasia Accept the Offer?
- Summary: The Four Principles in Action
Did Anastasia Accept the Offer?
By the way, in case you were wondering, Anastasia, the student who was trying to figure out how to finance her education, turned down my offer for an equity stake in her future labor income. She protested that it felt too much like slavery. In fact, she is not alone in feeling that way. Despite being an advocate for the idea, this is what none other than Professor Friedman wrote about human capital contracts back in his 1962 classic Capitalism and Freedom: "...they are economically equivalent to the purchase of a share in an individual's earning capacity, and thus partial to slavery." I guess even he had his doubts. Oh well. Perhaps I personally shouldn't have been so greedy. Maybe next time I'll ask for 5 percent dividends instead of 10 percent.