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Criticism: Economist do-not capture human decisions based on behavioral aspects and emotions
Education contributes in differences in pay scale. Depending on grade of education- BA, MA, M.PHIL,
PHD etc.
It is not looking at returns in long term. Breaks it into short-term returns. In education it is not short-
term returns.
No enough data to test the relation between education and returns at long term.
Additional factors leading to returns not considered like social, cultural factors etc.
Individual abilities, intelligence not considered as a factor of returns, investment seen as a major
factors.
Humanistic angle missing.