Caplan puts the signalling share of the college income premium at 50%-80%, leaving (say) 20% for the human capital share. So your sentence calling HC “mostly irrelevant” is technically true, but I wouldn’t use the word ‘irrelevant’ for a feature explaining ~ a fifth of the variance.
Caplan puts the signalling share of the college income premium at 50%-80%, leaving (say) 20% for the human capital share. So your sentence calling HC “mostly irrelevant” is technically true, but I wouldn’t use the word ‘irrelevant’ for a feature explaining ~ a fifth of the variance.