Abstract
The purpose of this paper is to provide a review of economic literature regarding theories that analyze the demand for higher education from a microeconomic perspective. Some of the noteworthy fundamental theories included in this review include Becker's (1983) theory of human capital and some of its major criticism. This paper also presents a theoretical discussion of the differences between mandatory and post-mandatory education (at a university level). Additionally, it discusses the determining factors of post-mandatory education in industrialized countries as compared with those in developing countries. The final comments and recent bibliographic references are provided at the end of the document.
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