The 'overeducated' Greek : three essays in human capital theory
Although this dissertation consists of three independent essays, the underlying objective which initiated this research was to examine whether human capital theory by itself could (a) explain the phenomenon of the "overeducated" Greek and (b) offer any social investment criteria for educational planning. Although the first objective has been met (and is the subject matter of the first essay) the appropriateness of the human capital social investment criterion (the social rate of return to education) has been challenged by the so called "screening" hypothesis which is especially strong if considered in the context of hierachically organized "internal labour markets". Disillusionment with the social rate of return led to an analysis of the "internal labour market" concept and an attempt to elucidate its relationship (if any) with human capital theory (the subject of the second essay). Lastly another version of "screening", this time by sex is explored in the context of "internal labour markets" and its predictions are tested against those of the labour supply (human capital) theories by means of a three company sample drawn personally from the Greek Manufacturing Industry (the subject matter of the third essay).